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, 2016

Item 1. Schedule of Investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 33.3%
Automobiles & Components – 0.5%
Ford Motor Credit Co. LLC
$	475,000		5.875	%	08/02/21	$       542,217
Banks – 8.1%
American Express Co.(a)
	75,000		3.625		12/05/24	78,049
Bank of America Corp.
	100,000		5.700		01/24/22	116,322
	225,000		4.125		01/22/24	244,012
	275,000		4.000		04/01/24	296,343
BNP Paribas SA
	275,000		2.375		05/21/20	279,285
Citigroup, Inc.
	200,000		3.400		05/01/26	206,636
Compass Bank(a)
	375,000		2.750		09/29/19	374,521
Credit Suisse New York
	325,000		2.300		05/28/19	329,049
Credit Suisse Group Funding Guernsey Ltd.
	400,000		3.125		12/10/20	405,239
Deutsche Bank AG
	25,000		2.500		02/13/19	24,259
Discover Financial Services(a)
	225,000		3.750		03/04/25	227,693
HSBC Holdings PLC
	225,000		3.400		03/08/21	232,709
ING Bank NV(a)(b)
	325,000		4.125		11/21/23	332,767
Intesa Sanpaolo SpA
	350,000		2.375		01/13/17	350,486
	350,000		3.875		01/16/18	356,888
JPMorgan Chase & Co.
	450,000		4.400		07/22/20	490,293
	275,000		2.700	(a)	05/18/23	277,837
JPMorgan Chase & Co. Series Z(a)(b)
	250,000		5.300		12/29/49	253,437
KBC Bank NV(a)(b)
	200,000		8.000		01/25/23	212,120
KeyCorp
	400,000		2.900		09/15/20	415,252
Lloyds Bank PLC
	175,000		2.300		11/27/18	176,903
Macquarie Bank Ltd.(c)
	150,000		6.625		04/07/21	172,736
Mizuho Bank Ltd.(c)
	200,000		2.550		03/17/17	201,024
Morgan Stanley
	650,000		3.700		10/23/24	685,852
Morgan Stanley Series F
	100,000		3.875		04/29/24	106,949
PNC Preferred Funding Trust II(a)(b)(c)
	200,000		2.073		03/29/49	191,000
Regions Bank
	250,000		7.500		05/15/18	272,048
Royal Bank of Scotland Group PLC
	200,000		3.875		09/12/23	196,799
Royal Bank of Scotland PLC(a)(b)
	100,000		9.500		03/16/22	103,125
Santander Bank NA(a)
	250,000		2.000		01/12/18	250,031
Santander UK PLC(c)
	275,000		5.000		11/07/23	286,593
Synchrony Financial(a)
	350,000		2.600		01/15/19	354,123

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
The Bank of Tokyo-Mitsubishi UFJ Ltd.(c)
$	300,000		2.150	%	09/14/18	$       302,615
The Toronto-Dominion Bank(a)(b)
	125,000		3.625		09/15/31	125,345
UBS Group Funding Jersey Ltd.(c)
	350,000		3.000		04/15/21	359,473
						9,287,813
Consumer Services(a) – 0.3%
Marriott International, Inc.
	125,000		2.875		03/01/21	129,671
	250,000		2.300		01/15/22	252,109
						381,780
Diversified Financials – 0.3%
General Motors Financial Co., Inc.
	125,000		3.250		05/15/18	127,210
	175,000		3.500		07/10/19	180,285
						307,495
Diversified Manufacturing(a) – 0.1%
Roper Technologies, Inc.
	125,000		3.000		12/15/20	129,939
Electric – 1.6%
Berkshire Hathaway Energy Co.
	200,000		6.125		04/01/36	265,648
Emera US Finance LP(a)(c)
	125,000		2.700		06/15/21	127,920
Entergy Corp.(a)
	125,000		2.950		09/01/26	125,203
Florida Power & Light Co.(a)
	193,000		4.125		02/01/42	216,584
Pacific Gas & Electric Co.(a)
	100,000		3.500		06/15/25	108,391
Progress Energy, Inc.
	350,000		7.000		10/30/31	469,915
Puget Sound Energy, Inc. Series A(a)(b)
	150,000		6.974		06/01/67	129,000
Southern California Edison Co.(a)
	175,000		4.050		03/15/42	193,011
The Southern Co.(a)
	225,000		2.350		07/01/21	229,297
						1,864,969
Energy – 1.8%
Anadarko Petroleum Corp.
	35,000		3.450	(a)	07/15/24	34,524
	100,000		6.450		09/15/36	116,830
Apache Corp.(a)
	50,000		2.625		01/15/23	49,224
	150,000		4.250		01/15/44	145,713
ConocoPhillips Co.(a)
	150,000		3.350		11/15/24	153,572
	50,000		4.950		03/15/26	56,358
	100,000		4.150		11/15/34	99,800
Devon Energy Corp.(a)
	25,000		4.000		07/15/21	26,085
	75,000		5.600		07/15/41	75,674
	80,000		4.750		05/15/42	74,579
Dolphin Energy Ltd.(c)
	50,880		5.888		06/15/19	53,933
Energy Transfer Partners LP(a)
	75,000		4.750		01/15/26	77,486

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy – (continued)
Kinder Morgan Energy Partners LP(a)
$	150,000		5.400	%	09/01/44	$       150,376
Kinder Morgan, Inc.(a)
	175,000		3.050		12/01/19	178,826
Occidental Petroleum Corp.(a)
	200,000		3.400		04/15/26	211,002
Petroleos Mexicanos
	30,000		5.500	(c)	02/04/19	31,650
	60,000		6.375	(c)	02/04/21	65,130
	30,000		4.500		01/23/26	29,106
	80,000		6.875	(c)	08/04/26	90,200
	40,000		5.500		06/27/44	34,284
	70,000		5.625		01/23/46	61,061
	30,000		6.750	(c)	09/21/47	30,000
Pioneer Natural Resources Co.(a)
	125,000		3.450		01/15/21	129,983
Valero Energy Corp.
	100,000		3.650		03/15/25	102,159
						2,077,555
Food & Beverage – 2.3%
Anheuser-Busch InBev Finance, Inc.(a)
	675,000		2.650		02/01/21	696,530
	525,000		3.650		02/01/26	563,850
	75,000		4.900		02/01/46	89,234
Kraft Heinz Foods Co.(a)
	100,000		2.800		07/02/20	103,633
	175,000		3.950		07/15/25	189,339
	225,000		4.375		06/01/46	238,056
Molson Coors Brewing Co.(a)
	50,000		2.100		07/15/21	50,460
	75,000		3.000		07/15/26	75,519
Pernod-Ricard SA(c)
	375,000		4.450		01/15/22	413,623
Suntory Holdings Ltd.(c)
	275,000		2.550		09/29/19	280,345
						2,700,589
Food & Staples Retailing(a) – 1.1%
CVS Health Corp.
	125,000		2.800		07/20/20	129,507
	125,000		4.125		05/15/21	136,607
	225,000		3.500		07/20/22	240,837
	89,000		3.875		07/20/25	96,887
	375,000		2.875		06/01/26	380,556
Walgreens Boots Alliance, Inc.
	125,000		2.600		06/01/21	127,921
	125,000		3.450		06/01/26	129,765
						1,242,080
Health Care Equipment & Services – 0.9%
Aetna, Inc.(a)
	100,000		2.400		06/15/21	101,158
	75,000		2.800		06/15/23	76,585
Becton Dickinson and Co.
	200,000		2.675		12/15/19	206,542
Cigna Corp.(a)
	150,000		3.250		04/15/25	154,657
Medtronic, Inc.
	75,000		2.500		03/15/20	77,572
	150,000		3.150		03/15/22	159,493
Stryker Corp.(a)
	50,000		2.625		03/15/21	51,540
	125,000		3.375		11/01/25	131,107

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Health Care Equipment & Services – (continued)
UnitedHealth Group, Inc.
$	100,000		4.625	%	07/15/35	$       116,127
						1,074,781
Life Insurance – 0.7%
American International Group, Inc.(a)
	50,000		3.750		07/10/25	52,443
	25,000		4.500		07/16/44	25,466
Dai-ichi Life Holdings, Inc.(a)(b)(c)
	275,000		4.000		12/31/49	276,375
Reliance Standard Life Global Funding II(c)
	225,000		2.500		01/15/20	228,028
The Northwestern Mutual Life Insurance Co.(c)
	200,000		6.063		03/30/40	258,824
						841,136
Materials – 0.2%
Ecolab, Inc.
	100,000		5.500		12/08/41	124,778
Westlake Chemical Corp.(a)(c)
	100,000		3.600		08/15/26	100,284
						225,062
Media – 0.8%
21st Century Fox America, Inc.(a)
	75,000		3.700		09/15/24	81,009
CCO Safari II LLC (a)(c)
	25,000		3.579		07/23/20	26,130
	200,000		4.908		07/23/25	220,611
	25,000		6.484		10/23/45	30,233
Comcast Corp.(a)
	400,000		3.375		08/15/25	429,855
Time Warner Cable, Inc.
	50,000		5.000		02/01/20	54,200
	25,000		5.875	(a)	11/15/40	27,762
Time Warner, Inc.(a)
	25,000		3.875		01/15/26	27,078
						896,878
Metals and Mining(c) – 0.3%
Glencore Finance Canada Ltd.
	350,000		2.700		10/25/17	350,525
Glencore Funding LLC
	50,000		2.500		01/15/19	49,880
						400,405
Noncaptive-Financial – 0.3%
Capital One Financial Corp.(a)
	200,000		4.200		10/29/25	208,658
International Lease Finance Corp.(c)
	150,000		7.125		09/01/18	163,688
						372,346
Pharmaceuticals, Biotechnology & Life Sciences – 2.9%
AbbVie, Inc.(a)
	225,000		2.500		05/14/20	229,382
	75,000		2.300		05/14/21	75,651
Actavis Funding SCS
	225,000		2.350		03/12/18	227,320
	50,000		3.450	(a)	03/15/22	52,492
	85,000		3.800	(a)	03/15/25	89,960
	125,000		4.850	(a)	06/15/44	137,494
Amgen, Inc.(a)
	200,000		3.125		05/01/25	207,011
Bayer US Finance LLC(c)
	400,000		3.000		10/08/21	418,872

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
EMD Finance LLC(a)(c)
$	375,000		2.950	%	03/19/22	$       386,581
Forest Laboratories LLC (a)(c)
	325,000		4.375		02/01/19	342,362
	100,000		5.000		12/15/21	111,917
Shire Acquisitions Investments Ireland DAC
	225,000		1.900		09/23/19	224,885
	200,000		3.200	(a)	09/23/26	201,076
Teva Pharmaceutical Finance Netherlands III BV
	175,000		2.800		07/21/23	175,449
	200,000		3.150		10/01/26	200,925
Thermo Fisher Scientific, Inc.(a)
	175,000		3.000		04/15/23	179,222
	100,000		3.650		12/15/25	105,636
						3,366,235
Pipelines(a) – 1.0%
Columbia Pipeline Group, Inc.
	100,000		3.300		06/01/20	103,644
Enbridge, Inc.
	50,000		3.500		06/10/24	49,669
EnLink Midstream Partners LP
	175,000		4.150		06/01/25	167,527
	75,000		4.850		07/15/26	75,471
Enterprise Products Operating LLC
	25,000		3.350		03/15/23	25,581
Enterprise Products Operating LLC Series A(b)
	425,000		4.465		08/01/66	400,605
Sunoco Logistics Partners Operations LP
	50,000		4.250		04/01/24	51,937
Western Gas Partners LP
	100,000		3.950		06/01/25	98,647
Williams Partners LP
	175,000		3.900		01/15/25	174,635
						1,147,716
Property/Casualty Insurance(a)(b) – 0.1%
The Chubb Corp.
	125,000		6.375		04/15/37	118,762
Real Estate Investment Trusts – 2.8%
American Campus Communities Operating Partnership LP(a)
	275,000		4.125		07/01/24	293,387
Brixmor Operating Partnership LP(a)
	75,000		3.850		02/01/25	76,266
Camden Property Trust
	325,000		5.700		05/15/17	333,266
Crown Castle International Corp.(a)
	75,000		2.250		09/01/21	74,939
CubeSmart LP(a)
	125,000		4.000		11/15/25	133,290
DDR Corp.
	375,000		7.500		04/01/17	385,996
HCP, Inc.
	275,000		6.000		01/30/17	278,933
	25,000		2.625	(a)	02/01/20	25,360
Healthcare Realty Trust, Inc.
	350,000		5.750		01/15/21	397,587
Healthcare Trust of America Holdings LP(a)
	100,000		3.375		07/15/21	103,628
National Retail Properties, Inc.(a)
	125,000		4.000		11/15/25	133,290

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trusts – (continued)
Select Income REIT(a)
$	50,000		2.850	%	02/01/18	$         50,297
	75,000		3.600		02/01/20	76,155
UDR, Inc.(a)
	125,000		2.950		09/01/26	124,073
Ventas Realty LP(a)
	125,000		3.500		02/01/25	128,963
	200,000		3.250		10/15/26	201,869
Welltower, Inc.
	375,000		2.250		03/15/18	378,295
						3,195,594
Retailing(a) – 0.4%
The Home Depot, Inc.
	175,000		4.250		04/01/46	202,089
The Priceline Group, Inc.
	200,000		3.600		06/01/26	209,695
						411,784
Semiconductors & Semiconductor Equipment(a) – 0.1%
NVIDIA Corp.
	100,000		2.200		09/16/21	100,305
Software & Services(a) – 0.5%
Fidelity National Information Services, Inc.
	250,000		3.625		10/15/20	265,168
	125,000		3.000		08/15/26	123,772
Fiserv, Inc.
	150,000		2.700		06/01/20	154,667
						543,607
Technology – 0.7%
Amphenol Corp.(a)
	125,000		3.125		09/15/21	129,758
Cisco Systems, Inc.
	100,000		2.200		02/28/21	102,318
Hewlett Packard Enterprise Co.(a)(c)
	125,000		4.900		10/15/25	133,413
Intel Corp.(a)
	200,000		3.700		07/29/25	221,884
Oracle Corp.(a)
	200,000		2.500		05/15/22	205,296
						792,669
Tobacco – 1.4%
BAT International Finance PLC(c)
	200,000		3.950		06/15/25	220,958
Imperial Brands Finance PLC(c)
	400,000		2.050		02/11/18	402,392
Philip Morris International, Inc.(a)
	125,000		2.750		02/25/26	128,227
Reynolds American, Inc.(a)
	775,000		4.450		06/12/25	864,688
						1,616,265
Transportation(c) – 0.5%
ERAC USA Finance LLC
	350,000		2.350		10/15/19	355,582
Penske Truck Leasing Co. LP / PTL Finance Corp.(a)
	200,000		3.375		02/01/22	207,984
						563,566

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Wireless Telecommunications – 3.2%
American Tower Corp.
$	75,000		3.300	%(a)	02/15/21	$         78,404
	125,000		4.700		03/15/22	138,937
AT&T, Inc.
	250,000		3.800		03/15/22	267,772
	50,000		4.450	(a)	04/01/24	54,958
	400,000		3.400	(a)	05/15/25	410,963
Verizon Communications, Inc.
	607,000		2.625		02/21/20	624,245
	850,000		4.500		09/15/20	932,763
	800,000		5.150		09/15/23	931,941
	200,000		2.625	(a)	08/15/26	196,294
						3,636,277
Wirelines Telecommunications – 0.4%
Telefonica Emisiones SAU
	175,000		3.192		04/27/18	179,130
	225,000		5.462		02/16/21	255,500
						434,630
TOTAL CORPORATE OBLIGATIONS (Cost $36,830,766)						$  38,272,455
Mortgage-Backed Obligations – 34.4%
Adjustable Rate Non-Agency(a)(b) – 0.5%
Countrywide Alternative Loan Trust Series 2005-38, Class A1
$	127,994		2.007	%	09/25/35	$       118,846
Lehman XS Trust Series 2005-7N, Class 1A1A
	225,522		0.795		12/25/35	201,656
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	284,177		1.357		12/25/46	238,172
						558,674
Collateralized Mortgage Obligations – 5.9%
Agency Multi-Family – 4.5%
FHLMC Multifamily Structured Pass-Through Certificates Series K031, Class A2(b)
$	300,000		3.300	%	04/25/23	$       327,620
FHLMC Multifamily Structured Pass-Through Certificates Series K714, Class A2(b)
	300,000		3.034		10/25/20	317,469
FNMA
	354,659		2.800		03/01/18	358,838
	1,012,398		3.740		05/01/18	1,035,636
	320,000		3.840		05/01/18	327,700
	800,000		4.506		06/01/19	828,874
	160,925		3.416		10/01/20	170,973
	167,742		3.619		12/01/20	180,096
	861,198		3.762		12/01/20	928,056
	357,081		4.380		06/01/21	395,610
FNMA ACES Series 2012-M8, Class A2
	100,000		2.349		05/25/22	102,766
FNMA ACES Series 2012-M8, Class ASQ2
	68,254		1.520		12/25/19	68,380
GNMA
	116,743		3.950		07/15/25	125,986
						5,168,004

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – 1.1%
Connecticut Avenue Securities Series 2014-C03, Class 1M1(a)
$	22,867		1.725	%	07/25/24	$         22,918
Leek Finance Number Eighteen PLC Series 18X, Class A2B(a)
	151,408		1.121		09/21/38	163,222
Leek Finance Number Eighteen PLC Series 18X, Class A2C(a)
EUR	37,852		0.000		09/21/38	45,857
Mortgage Repurchase Agreement Financing Trust Series 2016-1, Class A(a)(c)
$	500,000		1.618		09/10/18	500,000
Mortgage Repurchase Agreement Financing Trust Series 2016-2, Class A(a)(c)
	500,000		1.818		03/10/19	500,000
						1,231,997
Sequential Fixed Rate – 0.3%
FNMA REMIC Series 2012-111, Class B
	24,275		7.000		10/25/42	28,173
FNMA REMIC Series 2012-153, Class B
	62,845		7.000		07/25/42	74,152
National Credit Union Administration Guaranteed Notes Series A4
	300,000		3.000		06/12/19	314,910
						417,235
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$    6,817,236
Commercial Mortgage-Backed Securities – 1.8%
Sequential Fixed Rate(b) – 1.8%
Banc of America Commercial Mortgage Trust Series 2007-4, Class A1A
$	278,931		5.774	%	02/10/51	$       285,286
FREMF Mortgage Trust Series 2014-K40, Class C(a)(c)(d)
	100,000		4.208		11/25/47	98,196
FREMF Mortgage Trust Series 2014-K41, Class B(a)(c)
	100,000		3.961		11/25/47	102,447
GS Mortgage Securities Trust Series 2007-GG10, Class A1A(d)
	598,775		5.988		08/10/45	609,049
GS Mortgage Securities Trust Series 2007-GG10, Class A4(d)
	260,996		5.988		08/10/45	264,933
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19, Class A1A(d)
	189,981		5.881		02/12/49	193,156
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class A1A
	452,408		5.608		05/15/46	463,327
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$    2,016,394
Federal Agencies – 26.2%
Adjustable Rate FHLMC(b) – 0.5%
$	530,551		2.815	%	09/01/35	$       561,212
Adjustable Rate FNMA(b) – 0.9%
	246,410		2.607		05/01/33	254,981
	444,815		2.833		05/01/35	470,148
	308,552		3.001		09/01/35	323,525
						1,048,654
FHLMC – 2.2%
	34,231		5.500		02/01/18	35,079
	3,354		5.500		04/01/18	3,435
	1,600		4.500		09/01/18	1,641
	4,920		5.500		09/01/18	5,093
	14		9.500		08/01/19	14

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	19		9.500	%	08/01/20	$                20
	33,273		6.500		10/01/20	38,273
	7,537		4.500		07/01/24	8,100
	43,889		4.500		11/01/24	47,330
	10,091		4.500		12/01/24	10,858
	9,852		6.000		03/01/29	11,239
	157		6.000		04/01/29	179
	11,635		7.500		12/01/29	13,794
	119,552		7.000		05/01/32	143,586
	197		6.000		08/01/32	229
	65,245		7.000		12/01/32	78,482
	4,264		5.000		10/01/33	4,743
	6,112		5.000		07/01/35	6,797
	8,075		5.000		12/01/35	9,205
	68,991		5.500		01/01/37	77,398
	1,943		5.000		03/01/38	2,151
	119,143		7.000		02/01/39	139,791
	4,244		5.000		06/01/41	4,729
	1,643,557		3.500		04/01/43	1,740,052
	195,124		3.500		05/01/46	207,951
						2,590,169
FNMA – 11.7%
	71		6.500		11/01/16	71
	50		7.500		04/01/17	50
	40,170		5.500		02/01/18	41,216
	39,938		5.000		05/01/18	41,001
	4,322		6.500		08/01/18	4,972
	23,178		7.000		08/01/18	23,824
	928		5.000		06/01/23	992
	89,847		5.500		09/01/23	97,530
	23,984		5.500		10/01/23	26,151
	824		6.000		12/01/23	943
	5,651		4.500		07/01/24	6,089
	112,700		4.500		11/01/24	121,714
	45,551		4.500		12/01/24	49,200
	64		7.000		07/01/25	74
	13,135		9.000		11/01/25	15,468
	38,912		7.000		08/01/26	44,928
	659		7.000		08/01/27	778
	5,111		7.000		09/01/27	5,651
	136		7.000		01/01/28	160
	72,004		6.000		02/01/29	83,294
	66,831		6.000		06/01/29	77,315
	23,668		8.000		10/01/29	28,780
	6,172		7.000		12/01/29	7,343
	1,315		8.500		04/01/30	1,637
	2,447		8.000		05/01/30	2,825
	252		8.500		06/01/30	282
	7,117		7.000		05/01/32	8,589
	54,526		7.000		06/01/32	65,506
	71,773		7.000		08/01/32	86,461
	12,007		8.000		08/01/32	13,823
	2,947		5.000		08/01/33	3,313
	818		5.500		09/01/33	937
	937		5.500		02/01/34	1,073
	191		5.500		04/01/34	220
	7,120		5.500		12/01/34	8,165
	29,268		5.000		04/01/35	33,383
	55,807		6.000		04/01/35	64,719
	1,272		5.500		09/01/35	1,468
	121,226		6.000		10/01/35	139,157
	287,352		6.000		09/01/36	329,856

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	87		5.500	%	02/01/37	$                99
	199		5.500		04/01/37	229
	62		5.500		05/01/37	71
	181,402		5.500		08/01/37	204,761
	249		5.500		03/01/38	285
	221		5.500		06/01/38	254
	202		5.500		07/01/38	232
	186		5.500		08/01/38	214
	177		5.500		09/01/38	203
	2,330		5.500		10/01/38	2,669
	61		5.500		12/01/38	70
	134,457		5.000		01/01/39	153,679
	76,802		7.000		03/01/39	90,657
	274,389		6.000		05/01/39	314,283
	19,149		4.500		08/01/39	21,404
	59,073		3.000		01/01/43	61,962
	236,291		3.000		03/01/43	247,847
	331,356		3.000		04/01/43	347,562
	248,232		3.000		05/01/43	260,372
	878,915		3.500		07/01/43	928,098
	884,267		3.500		05/01/46	942,194
	1,000,000		4.000		TBA-30yr(e)	1,073,906
	7,000,000		3.500		TBA-30yr(e)	7,387,187
						13,477,196
GNMA – 10.9%
	2,215		7.000		10/15/25	2,268
	7,723		7.000		11/15/25	8,436
	1,300		7.000		02/15/26	1,343
	6,458		7.000		04/15/26	7,305
	3,339		7.000		03/15/27	3,945
	55,889		7.000		11/15/27	64,827
	477		7.000		01/15/28	536
	19,155		7.000		02/15/28	21,248
	2,799		7.000		03/15/28	3,235
	1,058		7.000		04/15/28	1,260
	333		7.000		05/15/28	389
	4,681		7.000		06/15/28	5,547
	9,947		7.000		07/15/28	11,773
	14,001		7.000		09/15/28	16,711
	2,356		7.000		11/15/28	2,807
	3,004		7.500		11/15/30	3,015
	175,439		6.000		08/20/34	206,631
	186,447		5.000		06/15/40	209,511
	941,339		4.000		08/20/43	1,014,954
	2,491,269		4.000		08/20/45	2,670,524
	2,763,137		4.000		10/20/45	2,961,089
	2,022,759		4.000		03/20/46	2,167,671
	2,874,640		4.000		05/20/46	3,085,971
						12,470,996
TOTAL FEDERAL AGENCIES						$  30,148,227
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $38,927,271)						$  39,540,531
Agency Debentures – 2.6%
FHLB
$	600,000		2.125	%	06/09/23	$       621,130
	100,000		3.375		12/08/23	111,036

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
FNMA
$	400,000		1.875	%	09/24/26	$       397,994
	400,000		6.250		05/15/29	578,454
Tennessee Valley Authority
	500,000		3.875		02/15/21	555,946
	500,000		5.375		04/01/56	704,091
TOTAL AGENCY DEBENTURES (Cost $2,662,547)						$    2,968,651
Asset-Backed Securities(b) – 8.9%
Collateralized Loan Obligations – 3.1%
Aberdeen Loan Funding Ltd. Series 2008-1A, Class A(a)(c)
$	41,073		1.407	%	11/01/18	$         41,068
Acis CLO Ltd. Series 2013-1A, Class ACOM(a)(c)
	1,500,000		1.906		04/18/24	1,479,300
Acis CLO Ltd. Series 2013-2A, Class A(a)(c)
	69,664		1.173		10/14/22	69,142
Acis CLO Ltd. Series 2013-2A, Class ACOM(a)(c)
	562,916		1.371		10/14/22	559,200
Black Diamond CLO Ltd. Series 2006-1A, Class AD(a)(c)
	127,278		1.002		04/29/19	127,091
Ocean Trails CLO I Series 2006-1X, Class A1(a)
	306,417		0.917		10/12/20	305,617
OFSI Fund V Ltd. Series 2013-5A, Class ACOM(c)
	950,000		0.000		04/17/25	939,360
						3,520,778
Home Equity(a) – 2.3%
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	41,482		6.994		09/25/37	41,169
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	87,833		6.768		09/25/37	88,039
Sound Point CLO VI Ltd. Series 2014-2A, Class ACOM(c)
	1,400,000		0.000		10/20/26	1,395,800
Sound Point CLO VIII Ltd. Series 2015-1A, Class A(c)
	900,000		2.210		04/15/27	899,996
Sound Point CLO VIII Ltd. Series 2015-1A, Class B(c)
	250,000		2.730		04/15/27	249,301
						2,674,305
Student Loans – 3.5%
Access Group, Inc. Series 2005-2, Class A3(a)
	201,240		0.991		11/22/24	199,590
Chase Education Loan Trust Series 2007-A, Class A3
	64,627		0.923		12/28/23	63,564
ECMC Group Student Loan Trust Series 2016-1A, Class A(a)(b)(c)
	600,000		1.864		07/26/66	599,990
Edsouth Indenture No. 10 LLC Series 2015-2, Class A(a)(c)
	427,663		1.525		12/25/56	424,552
Navient Student Loan Trust Series 2016-5A, Class A(a)(b)(c)
	1,135,641		1.775		06/25/65	1,135,644
Nelnet Student Loan Trust Series 2006-2, Class A5(a)
	408,210		0.815		01/25/30	402,421
Northstar Education Finance, Inc. Series 2004-2, Class A3
	34,538		0.913		07/30/18	34,451
Scholar Funding Trust Series 2010-A, Class A(a)(c)
	165,232		1.493		10/28/41	161,946
SLC Student Loan Trust Series 2006-1, Class A5(a)
	500,000		0.960		03/15/27	481,387
SLM Student Loan Trust Series 2005-3, Class A5(a)
	213,704		0.804		10/25/24	210,751

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – (continued)
Student Loans – (continued)
SLM Student Loan Trust Series 2006-2, Class A5(a)
$	314,490		0.825	%	07/25/25	$       312,848
						4,027,144
TOTAL ASSET-BACKED SECURITIES (Cost $10,124,140)						$  10,222,227
Foreign Debt Obligations – 2.0%
Sovereign – 1.8%
Chile Government International Bond
$	468,000		3.125	%	01/21/26	$       496,665
Colombia Government International Bond(a)
	240,000		4.000		02/26/24	255,600
Indonesia Government International Bond(c)
	230,000		4.750		01/08/26	257,313
Mexico Government International Bond
	470,000		3.600		01/30/25	487,625
	160,000		4.750		03/08/44	166,400
	200,000		4.600		01/23/46	204,000
	10,000		5.750		10/12/10	10,575
Peruvian Government International Bond
	110,000		6.550		03/14/37	155,375
						2,033,553
Supranational – 0.2%
Inter-American Development Bank
	200,000		1.000		02/27/18	198,861
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $2,138,543)						$    2,232,414
Municipal Debt Obligations – 1.3%
California – 0.3%
California State Various Purpose GO Bonds Series 2010
$	140,000		7.950	%	03/01/36	$       167,329
	105,000		7.625		03/01/40	166,187
						333,516
Illinois – 0.2%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	250,000		7.350		07/01/35	281,525
New York – 0.5%
Rensselaer Polytechnic Institute Taxable Bonds Series 2010
	475,000		5.600		09/01/20	536,560
Ohio – 0.3%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	250,000		6.270		02/15/50	330,115
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $1,224,903)						$    1,481,716
Government Guarantee Obligations – 2.3%
Hashemite Kingdom of Jordan Government AID Bond(f)
$	700,000		2.503	%	10/30/20	$       733,993
Israel Government AID Bond(f)
	400,000		5.500		09/18/23	499,002
	200,000		5.500		12/04/23	250,401
	100,000		5.500		04/26/24	126,272

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Government Guarantee Obligations – (continued)
KFW(g)
$	1,000,000		1.125	%	08/06/18	$    1,002,560
TOTAL GOVERNMENT GUARANTEE OBLIGATIONS (Cost $2,544,753)						$    2,612,228
U.S. Treasury Obligations – 21.7%
United States Treasury Bonds
$	2,700,000		3.625	%(h)	08/15/43	$    3,440,313
	960,000		3.750		11/15/43	1,250,506
	790,000		3.625		02/15/44	1,006,823
	1,300,000		3.375		05/15/44	1,587,261
	100,000		3.000		11/15/44	114,114
	200,000		2.875		08/15/45	222,914
	50,000		2.500		05/15/46	51,782
	170,000		2.250		08/15/46	166,986
United States Treasury Inflation-Protected Securities
	1,457,456		0.125		04/15/18	1,473,619
	616,200		0.125		04/15/19	627,082
	104,257		0.125		01/15/23	105,984
	258,518		0.375		07/15/23	268,010
	422,858		0.625		01/15/24	443,870
	684,099		0.125		07/15/24	694,361
	913,293		0.375		07/15/25	943,404
	392,298		2.500		01/15/29	498,155
	111,339		2.125		02/15/40	148,446
	92,930		1.375		02/15/44	110,427
United States Treasury Notes
	3,400,000		1.625		06/30/20	3,474,596
	2,200,000		1.625		07/31/20	2,247,916
	800,000		1.375		04/30/21	808,480
	770,000		1.125		09/30/21	768,945
	290,000		1.750		09/30/22	297,183
	1,840,000		1.875		10/31/22	1,898,567
	1,140,000		1.375		09/30/23	1,135,634
United States Treasury Principal-Only STRIPS(i)
	1,800,000		0.000		02/15/36	1,165,014
TOTAL U.S. TREASURY OBLIGATIONS (Cost $23,189,855)						$  24,950,392
TOTAL INVESTMENTS – 106.5% (Cost $117,642,778)						$122,280,614
LIABILITIES IN EXCESS OF     OTHER ASSETS – (6.5)%						(7,451,382)
NET ASSETS – 100.0%						$114,829,232

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2016.

(c)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed 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 $16,431,227, which represents approximately 14.3% of net assets as of September 30, 2016.
(d)	Interest is based on the weighted net interest rate of the collateral.
(e)	TBA (To Be Announced) Securities are purchased 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 $8,461,093 which represents approximately 7.4% of net assets as of September 30, 2016.
(f)	Guaranteed by the United States Government. Total market value of these securities amounts to 1,609,668, which represents 1.4% of net assets as of September 30, 2016.
(g)	Guaranteed by a foreign government under maturity. Total market value of these securities amounts to 1,002,560, which represents 0.9% of net assets as of September 30, 2016.
(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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Investment Abbreviations:
BA	— Banker Acceptance Rate
BBR	— 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
NIBOR	— Norwegian 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
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
SGD	— Singapore Dollar
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 CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2016, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value		Unrealized Gain
Bank of America, N.A.	CAD	116,046	USD	88,000		12/21/16	$	88,505	$	505
	JPY	18,654,456	USD	182,791		12/21/16		184,620		1,829
	NZD	48,866	USD	35,419		12/21/16		35,472		53
	USD	88,000	CAD	114,446		12/21/16		87,284		716
	USD	82,229	GBP	62,049		12/21/16		80,559		1,670
BNP Paribas SA	CAD	46,140	USD	35,118		12/21/16		35,189		71
	CHF	85,309	USD	88,000		12/21/16		88,244		244
	JPY	8,916,670	USD	88,000		12/21/16		88,247		247
	NOK	310,094	EUR	33,318		12/21/16		38,797		1,229
	NZD	121,000	USD	87,407		12/21/16		87,835		428
	USD	88,000	CHF	84,599		12/21/16		87,509		491
	USD	88,000	JPY	8,851,761		12/21/16		87,604		396
Citibank. N.A.	AUD	829,332	USD	618,491		12/21/16		633,586		15,095
	GBP	35,589	EUR	40,896		12/21/16		46,206		96
	JPY	19,492,714	USD	190,727		10/06/16		192,241		1,514
	JPY	26,821,157	USD	265,000		12/21/16		265,444		444
	USD	380,591	GBP	286,030		11/16/16		371,050		9,541
JPMorgan Chase Bank, N.A.	USD	88,000	JPY	8,824,816		12/21/16		87,338		662
Morgan Stanley Co., Inc.	AUD	230,000	NZD	238,215		12/21/16		175,714		2,790
	AUD	232,000	USD	175,089		12/21/16		177,242		2,153
	CAD	115,400	USD	88,000		12/21/16		88,012		12
	EUR	78,000	CHF	84,692		12/21/16		87,947		341
	NZD	234,610	USD	169,381		12/21/16		170,307		926
	USD	176,000	CAD	228,039		12/21/16		173,918		2,082
	USD	87,989	EUR	78,000		12/21/16		87,947		42
	USD	396,925	GBP	300,169		12/21/16		389,716		7,209
	USD	122,796	NZD	168,291		12/21/16		122,165		631
Standard Chartered Bank	AUD	117,000	USD	87,789		12/21/16		89,385		1,596
	CAD	116,523	USD	88,000		12/21/16		88,868		868
	NZD	121,713	AUD	115,000		12/21/16		88,353		496
	USD	74,006	EUR	65,619		12/21/16		73,986		20
State Street Bank	AUD	47,103	USD	35,159		12/21/16		35,985		826
	CAD	228,808	USD	174,324		12/21/16		174,504		180
	NOK	3,432,323	EUR	369,099		12/21/16		429,425		13,257
	NZD	121,063	AUD	115,000		12/21/16		87,881		24
	USD	88,000	CAD	115,198		12/21/16		87,858		142
	USD	907,755	NZD	1,247,928		12/21/16		905,888		1,867
	USD	82,954	SEK	706,000		11/09/16		82,448		506
Westpac Banking Corp.	AUD	114,000	NZD	118,197		12/21/16		87,093		1,292
	AUD	116,000	USD	87,393		12/21/16		88,621		1,228
	EUR	169,212	USD	190,213		11/10/16		190,415		202
	USD	485,561	CAD	635,629		12/21/16		484,774		787
	USD	680,646	EUR	603,487		11/10/16		679,110		1,536
TOTAL									$	76,244

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value		Unrealized Loss
Bank of America, N.A.	CAD	89,966	USD	69,887		10/26/16	$	68,586	$	(1,301	)
	GBP	70,040	USD	91,499		12/21/16		90,935		(564	)
	JPY	21,015,629	USD	209,180		12/21/16		207,987		(1,193	)
	USD	88,000	JPY	8,922,487		12/21/16		88,304		(304	)
	USD	137,173	SGD	187,303		12/21/16		137,392		(219	)
BNP Paribas SA	EUR	78,000	NOK	715,322		12/21/16		87,947		(1,548	)
	EUR	78,000	USD	87,955		12/21/16		87,947		(8	)
	SEK	8,422,667	EUR	883,799		12/21/16		985,817		(10,689	)
	USD	87,714	AUD	115,000		12/21/16		87,857		(143	)
	USD	38,607	EUR	34,291		12/21/16		38,664		(57	)
Citibank, N.A.	EUR	79,000	NOK	724,163		12/21/16		89,074		(1,527	)
	EUR	197,744	USD	223,042		12/21/16		222,961		(81	)
	GBP	299,534	USD	398,560		11/16/16		388,569		(9,991	)
	SEK	756,860	EUR	79,000		12/21/16		88,585		(489	)
	USD	176,000	CAD	230,780		12/21/16		176,008		(8	)
	USD	207,628	JPY	21,219,958		10/06/16		209,276		(1,648	)
	USD	303,368	JPY	30,945,942		12/21/16		306,267		(2,899	)
JPMorgan Chase Bank, N.A.	EUR	78,000	JPY	8,922,123		12/21/16		87,947		(354	)
	SEK	4,224,279	EUR	444,021		12/21/16		494,424		(6,221	)
	USD	42,357	NOK	344,441		12/21/16		43,094		(737	)
Merrill Lynch International	USD	132,228	TWD	4,136,077		10/21/16		132,318		(90	)
Morgan Stanley Co., Inc.	CAD	394,253	USD	302,898		12/21/16		300,684		(2,214	)
	CHF	85,992	EUR	79,000		12/21/16		88,950		(124	)
	EUR	43,905	NOK	401,669		12/21/16		49,504		(749	)
	GBP	65,653	EUR	76,725		12/21/16		85,239		(1,270	)
	GBP	121,310	USD	158,254		12/21/16		157,499		(755	)
	SEK	3,374,152	EUR	353,210		12/21/16		394,922		(3,330	)
	USD	71,289	CAD	93,743		12/21/16		71,495		(206	)
	USD	77,524	NOK	628,982		12/21/16		78,693		(1,169	)
	USD	65,645	TWD	2,070,119		11/01/16		66,286		(641	)
Standard Chartered Bank	EUR	159,526	NOK	1,456,678		12/21/16		179,869		(2,379	)
	GBP	66,472	EUR	78,000		12/21/16		86,302		(1,645	)
	NZD	241,000	USD	175,571		12/21/16		174,945		(626	)
	SEK	2,616,739	EUR	274,709		12/21/16		306,272		(3,469	)
	USD	31,513	CAD	41,452		12/21/16		31,614		(101	)
	USD	77,646	NOK	634,778		12/21/16		79,419		(1,773	)
State Street Bank	CAD	115,124	USD	88,000		12/21/16		87,801		(199	)
	EUR	192,056	NOK	1,753,802		12/21/16		216,547		(2,874	)
	GBP	135,908	EUR	158,000		12/21/16		176,452		(1,696	)
	GBP	32,265	USD	42,214		12/21/16		41,890		(324	)
	SEK	5,566,876	EUR	582,868		12/21/16		651,565		(5,633	)
	SEK	1,501,859	NOK	1,432,000		12/21/16		175,783		(3,378	)
	USD	264,000	CAD	349,209		12/21/16		266,330		(2,330	)
	USD	49,452	JPY	5,012,180		12/21/16		49,605		(153	)
Westpac Banking Corp.	AUD	120,526	USD	92,166		11/18/16		92,147		(19	)
	EUR	420,409	USD	474,160		11/10/16		473,090		(1,070	)
	EUR	972,274	USD	1,096,501		12/21/16		1,096,263		(238	)
	JPY	7,736,159	USD	77,334		10/06/16		76,296		(1,038	)
	USD	191,996	NZD	264,822		12/21/16		192,238		(242	)
TOTAL									$	(79,716	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At September 30, 2016, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount		Value
FHLMC		3.500	%		TBA-30yr		10/15/42	$	(1,000,000)	$	(1,055,078)
GNMA		4.000			TBA-30yr		10/15/45		(1,000,000)		(1,071,641)
Total (Proceeds Received: $2,119,688)										$	(2,126,719)

(a) TBA (To Be Announced) Securities are 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.

FUTURES CONTRACTS — At September 30, 2016, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
U.S. Long Bonds	3	December 2016	$	504,469		$	(1,104	)
U.S. Ultra Long Treasury Bonds	(3)	December 2016		(551,625	)		10,515
2 Year U.S. Treasury Notes	19	December 2016		4,150,906			5,036
5 Year U.S. Treasury Notes	25	December 2016		3,037,891			9,679
10 Year U.S. Treasury Notes	(12)	December 2016		(1,573,500	)		(2,704	)
10 Year U.S. Ultra Treasury Notes	(1)	December 2016		(144,156	)		64
TOTAL						$	21,486

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2016, 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 on September 30, 2016		Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
CDX North America Investment Grade Index	$	1,750	(1.000)%	06/20/21		0.684%	$	(23,576	)	$	(2,064	)

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)
	SEK	9,470			06/15/18		0.050%	3 Month STIBOR	$	7,772		$	2,265
	SEK	9,950	(a)		09/15/18		0.330	3 Month STIBOR		52			418
	EUR	4,710			09/21/18		3 Month EURIBOR	0.400%		3,764			2,100
	GBP	640	(a)		12/21/19		0.353	3 Month LIBOR		129			1,124
	CAD	5,990	(a)		12/21/21		1.000	3 Month BA		(8,362	)		12,292
	EUR	360	(a)		12/21/21		6 Month EURIBOR	0.250		(6,659	)		(1,101	)
	NOK	8,220	(a)		12/21/21		1.250	6 Month NIBOR		3,051			(3,143	)
	NZD	510	(a)		12/21/21		2.250	3 Month BBR		1,942			169
	SEK	9,580	(a)		12/21/21		3 Month STIBOR	0.100		(2,963	)		(3,345	)
	$	4,850	(a)		12/21/21		3 Month LIBOR	1.500		(61,008	)		(7,967	)
	EUR	80	(a)		08/16/24		0.250	6 Month EURIBOR		(26	)		5
	GBP	70	(a)		09/27/26		6 Month LIBOR	1.000		(146	)		494
	AUD	130	(a)		09/28/26		2.500	6 Month BBR		701			(74	)
		270	(a)		12/21/26		2.750	6 Month BBR		12,460			(1,171	)
	EUR	540	(a)		12/21/26		0.750	6 Month EURIBOR		21,208			5,931
	SEK	3,560	(a)		12/21/26		3 Month STIBOR	0.750		848			(3,751	)
	JPY	11,980	(a)		12/21/36		6 Month LIBOR	0.500		637			(3,628	)
	GBP	290	(a)		12/21/46		6 Month LIBOR	1.750		(68,621	)		(3,657	)
	$	520	(a)		12/21/46		2.250	3 Month LIBOR		48,727			8,959
TOTAL									$	(46,494	)	$	5,920

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2016.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	117,649,794
Gross unrealized gain		5,047,198
Gross unrealized loss		(416,378	)
Net unrealized security gain	$	4,630,820

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, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.4%
	Automobiles & Components – 0.7%
	1,939	BorgWarner, Inc.	$         68,214
	2,404	Delphi Automotive PLC	171,453
	34,059	Ford Motor Co.	411,092
	12,123	General Motors Co.	385,148
	1,628	Harley-Davidson, Inc.	85,616
	2,362	The Goodyear Tire & Rubber Co.	76,293
			1,197,816
	Banks – 5.4%
	89,389	Bank of America Corp.	1,398,938
	7,100	BB&T Corp.	267,812
	25,264	Citigroup, Inc.	1,193,219
	4,626	Citizens Financial Group, Inc.	114,308
	1,490	Comerica, Inc.	70,507
	6,663	Fifth Third Bancorp	136,325
	9,526	Huntington Bancshares, Inc.	93,926
	31,576	JPMorgan Chase & Co.	2,102,646
	9,565	KeyCorp	116,406
	1,378	M&T Bank Corp.	159,986
	2,617	People’s United Financial, Inc.	41,401
	10,922	Regions Financial Corp.	107,800
	4,402	SunTrust Banks, Inc.	192,808
	4,355	The PNC Financial Services Group, Inc.	392,342
	14,074	U.S. Bancorp	603,634
	39,698	Wells Fargo & Co.	1,757,827
	1,886	Zions Bancorporation	58,504
			8,808,389
	Capital Goods – 7.0%
	5,268	3M Co.	928,380
	372	Acuity Brands, Inc.	98,431
	813	Allegion PLC	56,024
	2,057	AMETEK, Inc.	98,283
	5,055	Caterpillar, Inc.	448,732
	1,395	Cummins, Inc.	178,769
	2,491	Deere & Co.	212,607
	1,336	Dover Corp.	98,383
	3,987	Eaton Corp. PLC	261,986
	5,614	Emerson Electric Co.	306,019
	2,493	Fastenal Co.	104,158
	1,146	Flowserve Corp.	55,283
	1,224	Fluor Corp.	62,816
	2,674	Fortive Corp.	136,107
	1,370	Fortune Brands Home & Security, Inc.	79,597
	2,506	General Dynamics Corp.	388,831
	78,340	General Electric Co.	2,320,431
	6,615	Honeywell International, Inc.	771,243
	2,819	Illinois Tool Works, Inc.	337,829
	2,295	Ingersoll-Rand PLC	155,922
	1,109	Jacobs Engineering Group, Inc.*	57,357
	689	L-3 Communications Holdings, Inc.	103,853
	2,194	Lockheed Martin Corp.	525,946
	2,866	Masco Corp.	98,332
	1,583	Northrop Grumman Corp.	338,683
	3,049	PACCAR, Inc.	179,220
	1,193	Parker-Hannifin Corp.	149,757
	1,574	Pentair PLC	101,114
	1,424	Quanta Services, Inc.*	39,858
	2,590	Raytheon Co.	352,577
	1,123	Rockwell Automation, Inc.	137,388

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	1,104	Rockwell Collins, Inc.	$         93,111
	868	Roper Technologies, Inc.	158,384
	513	Snap-on, Inc.	77,955
	1,308	Stanley Black & Decker, Inc.	160,858
	2,399	Textron, Inc.	95,360
	5,072	The Boeing Co.	668,185
	458	TransDigm Group, Inc.*	132,417
	750	United Rentals, Inc.*	58,868
	6,801	United Technologies Corp.	690,982
	506	W.W. Grainger, Inc.	113,769
	1,547	Xylem, Inc.	81,140
			11,514,945
	Commercial & Professional Services – 0.8%
	748	Cintas Corp.	84,225
	1,054	Equifax, Inc.	141,847
	8,167	Johnson Controls International PLC	380,010
	2,880	Nielsen Holdings PLC	154,282
	1,596	Pitney Bowes, Inc.	28,983
	2,108	Republic Services, Inc.	106,349
	1,137	Robert Half International, Inc.	43,047
	728	Stericycle, Inc.*	58,342
	341	The Dun & Bradstreet Corp.	46,587
	1,318	Verisk Analytics, Inc.*	107,127
	3,646	Waste Management, Inc.	232,469
			1,383,268
	Consumer Durables & Apparel – 1.4%
	2,452	Coach, Inc.	89,645
	2,840	D.R. Horton, Inc.	85,768
	1,050	Garmin Ltd.	50,515
	3,283	Hanesbrands, Inc.	82,896
	593	Harman International Industries, Inc.	50,079
	1,011	Hasbro, Inc.	80,203
	1,204	Leggett & Platt, Inc.	54,878
	1,593	Lennar Corp. Class A	67,448
	3,016	Mattel, Inc.	91,324
	1,528	Michael Kors Holdings Ltd.*	71,495
	552	Mohawk Industries, Inc.*	110,588
	4,003	Newell Brands, Inc.	210,798
	11,633	NIKE, Inc. Class B	612,477
	2,750	PulteGroup, Inc.	55,110
	737	PVH Corp.	81,439
	481	Ralph Lauren Corp.	48,648
	1,605	Under Armour, Inc. Class A*	62,081
	1,616	Under Armour, Inc. Class C*	54,718
	2,945	VF Corp.	165,067
	660	Whirlpool Corp.	107,026
			2,232,203
	Consumer Services – 1.6%
	3,870	Carnival Corp.	188,933
	255	Chipotle Mexican Grill, Inc.*	107,992
	1,000	Darden Restaurants, Inc.	61,320
	1,894	H&R Block, Inc.	43,846
	2,876	Marriott International, Inc. Class A	193,614
	7,460	McDonald’s Corp.	860,586
	1,425	Royal Caribbean Cruises Ltd.	106,804
	12,713	Starbucks Corp.	688,282
	985	Wyndham Worldwide Corp.	66,320
	716	Wynn Resorts Ltd.	69,753

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	3,238	Yum! Brands, Inc.	$       294,043
			2,681,493
	Diversified Financials – 4.8%
	458	Affiliated Managers Group, Inc.*	66,273
	6,784	American Express Co.	434,447
	1,456	Ameriprise Financial, Inc.	145,265
	16,527	Berkshire Hathaway, Inc. Class B*	2,387,656
	1,057	BlackRock, Inc.	383,120
	4,460	Capital One Financial Corp.	320,362
	2,926	CME Group, Inc.	305,826
	3,629	Discover Financial Services	205,220
	2,444	E*TRADE Financial Corp.*	71,169
	3,199	Franklin Resources, Inc.	113,788
	1,039	Intercontinental Exchange, Inc.	279,865
	3,701	Invesco Ltd.	115,730
	979	Legg Mason, Inc.	32,777
	2,947	Leucadia National Corp.	56,111
	1,449	Moody’s Corp.	156,898
	12,750	Morgan Stanley	408,765
	993	Nasdaq, Inc.	67,067
	3,037	Navient Corp.	43,945
	1,893	Northern Trust Corp.	128,705
	2,327	S&P Global, Inc.	294,505
	3,205	State Street Corp.	223,164
	6,813	Synchrony Financial	190,764
	2,126	T. Rowe Price Group, Inc.	141,379
	9,437	The Bank of New York Mellon Corp.	376,348
	10,582	The Charles Schwab Corp.	334,074
	3,271	The Goldman Sachs Group, Inc.(a)	527,514
			7,810,737
	Energy – 7.2%
	4,758	Anadarko Petroleum Corp.	301,467
	3,284	Apache Corp.	209,749
	3,806	Baker Hughes, Inc.	192,089
	3,946	Cabot Oil & Gas Corp.	101,807
	5,166	Chesapeake Energy Corp.*	32,391
	16,385	Chevron Corp.	1,686,344
	812	Cimarex Energy Co.	109,108
	1,139	Concho Resources, Inc.*	156,442
	10,813	ConocoPhillips	470,041
	4,511	Devon Energy Corp.	198,980
	4,822	EOG Resources, Inc.	466,336
	1,437	EQT Corp.	104,355
	36,118	Exxon Mobil Corp.	3,152,379
	2,016	FMC Technologies, Inc.*	59,815
	7,555	Halliburton Co.	339,068
	979	Helmerich & Payne, Inc.	65,887
	2,310	Hess Corp.	123,862
	16,783	Kinder Morgan, Inc.	388,191
	7,228	Marathon Oil Corp.	114,275
	4,592	Marathon Petroleum Corp.	186,389
	1,464	Murphy Oil Corp.	44,506
	3,237	National Oilwell Varco, Inc.	118,927
	1,766	Newfield Exploration Co.*	76,750
	3,761	Noble Energy, Inc.	134,418
	6,667	Occidental Petroleum Corp.	486,158
	1,828	ONEOK, Inc.	93,941
	3,842	Phillips 66	309,473
	1,426	Pioneer Natural Resources Co.	264,737

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	1,521	Range Resources Corp.	$         58,939
	12,067	Schlumberger Ltd.	948,949
	3,328	Southwestern Energy Co.*	46,059
	5,940	Spectra Energy Corp.	253,935
	1,055	Tesoro Corp.	83,936
	6,061	The Williams Companies, Inc.	186,254
	3,110	Transocean Ltd.*	33,153
	4,047	Valero Energy Corp.	214,491
			11,813,601
	Food & Staples Retailing – 2.1%
	3,798	Costco Wholesale Corp.	579,233
	9,325	CVS Health Corp.	829,832
	4,401	Sysco Corp.	215,693
	8,303	The Kroger Co.	246,433
	7,420	Walgreens Boots Alliance, Inc.	598,200
	13,265	Wal-Mart Stores, Inc.	956,672
	2,901	Whole Foods Market, Inc.	82,243
			3,508,306
	Food, Beverage & Tobacco – 5.6%
	16,997	Altria Group, Inc.	1,074,720
	5,189	Archer-Daniels-Midland Co.	218,820
	1,730	Brown-Forman Corp. Class B	82,071
	1,622	Campbell Soup Co.	88,723
	3,575	ConAgra Foods, Inc.	168,418
	1,541	Constellation Brands, Inc. Class A	256,561
	1,624	Dr. Pepper Snapple Group, Inc.	148,288
	5,193	General Mills, Inc.	331,729
	2,352	Hormel Foods Corp.	89,211
	2,186	Kellogg Co.	169,349
	979	McCormick & Co., Inc.	97,822
	1,622	Mead Johnson Nutrition Co.	128,154
	1,484	Molson Coors Brewing Co. Class B	162,943
	13,554	Mondelez International, Inc. Class A	595,021
	1,221	Monster Beverage Corp.*	179,255
	12,553	PepsiCo, Inc.	1,365,390
	13,498	Philip Morris International, Inc.	1,312,276
	7,158	Reynolds American, Inc.	337,500
	33,844	The Coca-Cola Co.	1,432,278
	1,232	The Hershey Co.	117,779
	1,035	The J.M. Smucker Co.	140,284
	5,161	The Kraft Heinz Co.	461,961
	2,616	Tyson Foods, Inc. Class A	195,337
			9,153,890
	Health Care Equipment & Services – 5.4%
	12,866	Abbott Laboratories	544,103
	3,058	Aetna, Inc.	353,046
	1,603	AmerisourceBergen Corp.	129,490
	2,290	Anthem, Inc.	286,960
	4,279	Baxter International, Inc.	203,680
	1,849	Becton Dickinson and Co.	332,321
	11,961	Boston Scientific Corp.*	284,672
	643	C. R. Bard, Inc.	144,212
	2,744	Cardinal Health, Inc.	213,209
	1,473	Centene Corp.*	98,632
	2,604	Cerner Corp.*	160,797
	2,234	Cigna Corp.	291,135
	5,186	Danaher Corp.	406,531
	1,426	DaVita, Inc.*	94,216
	2,021	Denstply Sirona, Inc.	120,108

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	1,862	Edwards Lifesciences Corp.*	$       224,483
	5,549	Express Scripts Holding Co.*	391,371
	2,661	HCA Holdings, Inc.*	201,252
	732	Henry Schein, Inc.*	119,301
	2,080	Hologic, Inc.*	80,766
	1,296	Humana, Inc.	229,250
	335	Intuitive Surgical, Inc.*	242,818
	885	Laboratory Corp. of America Holdings*	121,670
	1,963	McKesson Corp.	327,330
	12,013	Medtronic PLC	1,037,923
	779	Patterson Companies, Inc.	35,787
	1,213	Quest Diagnostics, Inc.	102,656
	2,445	St. Jude Medical, Inc.	195,013
	2,714	Stryker Corp.	315,937
	426	The Cooper Companies, Inc.	76,365
	8,260	UnitedHealth Group, Inc.	1,156,400
	779	Universal Health Services, Inc. Class B	95,988
	840	Varian Medical Systems, Inc.*	83,605
	1,749	Zimmer Biomet Holdings, Inc.	227,405
			8,928,432
	Household & Personal Products – 2.1%
	2,302	Church & Dwight Co., Inc.	110,312
	7,821	Colgate-Palmolive Co.	579,849
	3,163	Kimberly-Clark Corp.	398,981
	1,141	The Clorox Co.	142,830
	1,973	The Estee Lauder Companies, Inc. Class A	174,729
	23,175	The Procter & Gamble Co.	2,079,956
			3,486,657
	Insurance – 2.7%
	3,632	Aflac, Inc.	261,032
	8,892	American International Group, Inc.	527,651
	2,336	Aon PLC	262,777
	1,588	Arthur J. Gallagher & Co.	80,782
	552	Assurant, Inc.	50,922
	4,065	Chubb Ltd.	510,767
	1,311	Cincinnati Financial Corp.	98,876
	2,149	Lincoln National Corp.	100,960
	2,394	Loews Corp.	98,513
	4,546	Marsh & McLennan Companies, Inc.	305,718
	9,513	MetLife, Inc.	422,663
	2,298	Principal Financial Group, Inc.	118,370
	3,872	Prudential Financial, Inc.	316,149
	3,256	The Allstate Corp.	225,250
	3,427	The Hartford Financial Services Group, Inc.	146,744
	5,087	The Progressive Corp.	160,240
	2,568	The Travelers Companies, Inc.	294,164
	990	Torchmark Corp.	63,251
	2,076	Unum Group	73,304
	1,186	Willis Towers Watson PLC	157,465
	2,460	XL Group Ltd.	82,730
			4,358,328
	Materials – 2.9%
	1,893	Air Products & Chemicals, Inc.	284,594
	1,002	Albemarle Corp.	85,661
	11,357	Alcoa, Inc.	115,160

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	753	Avery Dennison Corp.	$         58,576
	1,527	Ball Corp.	125,138
	2,053	CF Industries Holdings, Inc.	49,990
	7,626	E.I. du Pont de Nemours & Co.	510,713
	1,292	Eastman Chemical Co.	87,442
	2,298	Ecolab, Inc.	279,713
	1,149	FMC Corp.	55,543
	10,104	Freeport-McMoRan, Inc.	109,729
	707	International Flavors & Fragrances, Inc.	101,080
	3,647	International Paper Co.	174,983
	2,991	LyondellBasell Industries NV Class A	241,254
	570	Martin Marietta Materials, Inc.	102,093
	3,818	Monsanto Co.	390,200
	4,620	Newmont Mining Corp.	181,520
	2,758	Nucor Corp.	136,383
	1,570	Owens-Illinois, Inc.*	28,872
	2,333	PPG Industries, Inc.	241,139
	2,511	Praxair, Inc.	303,404
	1,755	Sealed Air Corp.	80,414
	9,730	The Dow Chemical Co.	504,306
	3,030	The Mosaic Co.	74,114
	688	The Sherwin-Williams Co.	190,342
	1,176	Vulcan Materials Co.	133,746
	2,179	WestRock Co.	105,638
			4,751,747
	Media – 2.9%
	3,668	CBS Corp. Class B	200,786
	1,877	Charter Communications, Inc. Class A*	506,734
	21,013	Comcast Corp. Class A	1,394,002
	1,393	Discovery Communications, Inc. Class A*	37,499
	1,900	Discovery Communications, Inc. Class C*	49,989
	3,213	News Corp. Class A	44,918
	1,017	News Corp. Class B	14,462
	2,087	Omnicom Group, Inc.	177,395
	820	Scripps Networks Interactive, Inc. Class A	52,062
	2,048	TEGNA, Inc.	44,769
	3,557	The Interpublic Group of Companies, Inc.	79,499
	12,857	The Walt Disney Co.	1,193,901
	6,746	Time Warner, Inc.	537,049
	9,440	Twenty-First Century Fox, Inc. Class A	228,637
	3,835	Twenty-First Century Fox, Inc. Class B	94,878
	3,091	Viacom, Inc. Class B	117,767
			4,774,347
	Pharmaceuticals, Biotechnology & Life Sciences – 9.1%
	14,043	AbbVie, Inc.	885,692
	2,884	Agilent Technologies, Inc.	135,808
	1,932	Alexion Pharmaceuticals, Inc.*	236,747
	3,434	Allergan PLC*	790,885
	6,534	Amgen, Inc.	1,089,937
	1,899	Biogen, Inc.*	594,444
	14,592	Bristol-Myers Squibb Co.	786,801

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	6,721	Celgene Corp.*	$       702,546
	8,428	Eli Lilly & Co.	676,431
	1,928	Endo International PLC*	38,849
	11,567	Gilead Sciences, Inc.	915,181
	1,284	Illumina, Inc.*	233,251
	23,818	Johnson & Johnson	2,813,620
	972	Mallinckrodt PLC*	67,826
	24,061	Merck & Co., Inc.	1,501,647
	234	Mettler-Toledo International, Inc.*	98,240
	3,693	Mylan NV*	140,777
	950	PerkinElmer, Inc.	53,305
	1,253	Perrigo Co. PLC	115,689
	52,734	Pfizer, Inc.	1,786,101
	652	Regeneron Pharmaceuticals, Inc.*	262,117
	3,410	Thermo Fisher Scientific, Inc.	542,395
	2,159	Vertex Pharmaceuticals, Inc.*	188,286
	724	Waters Corp.*	114,747
	4,328	Zoetis, Inc.	225,099
			14,996,421
	Real Estate – 3.0%
	3,675	American Tower Corp. (REIT)	416,488
	1,402	Apartment Investment & Management Co. Class A (REIT)	64,366
	1,198	AvalonBay Communities, Inc. (REIT)	213,052
	1,334	Boston Properties, Inc. (REIT)	181,811
	2,492	CBRE Group, Inc. Class A*	69,726
	2,933	Crown Castle International Corp. (REIT)	276,318
	1,314	Digital Realty Trust, Inc. (REIT)	127,616
	598	Equinix, Inc. (REIT)	215,429
	3,209	Equity Residential (REIT)	206,435
	564	Essex Property Trust, Inc. (REIT)	125,603
	1,082	Extra Space Storage, Inc. (REIT)	85,922
	607	Federal Realty Investment Trust (REIT)	93,435
	5,062	General Growth Properties, Inc. (REIT)	139,711
	4,116	HCP, Inc. (REIT)	156,202
	6,529	Host Hotels & Resorts, Inc. (REIT)	101,657
	2,140	Iron Mountain, Inc. (REIT)	80,314
	3,688	Kimco Realty Corp. (REIT)	106,768
	4,570	Prologis, Inc. (REIT)	244,678
	1,292	Public Storage (REIT)	288,297
	2,269	Realty Income Corp. (REIT)	151,864
	2,710	Simon Property Group, Inc. (REIT)	560,997
	888	SL Green Realty Corp. (REIT)	95,993
	1,132	The Macerich Co. (REIT)	91,545
	2,406	UDR, Inc. (REIT)	86,592
	2,988	Ventas, Inc. (REIT)	211,042
	1,541	Vornado Realty Trust (REIT)	155,965
	3,076	Welltower, Inc. (REIT)	229,992
	6,426	Weyerhaeuser Co. (REIT)	205,246
			4,983,064
	Retailing – 5.6%
	645	Advance Auto Parts, Inc.	96,182
	3,425	Amazon.com, Inc.*	2,867,787
	589	AutoNation, Inc.*	28,690
	263	AutoZone, Inc.*	202,073
	1,318	Bed Bath & Beyond, Inc.	56,819

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	2,511	Best Buy Co., Inc.	$         95,870
	1,672	CarMax, Inc.*	89,201
	2,266	Dollar General Corp.	158,597
	2,081	Dollar Tree, Inc.*	164,253
	1,014	Expedia, Inc.	118,354
	1,154	Foot Locker, Inc.	78,149
	1,334	Genuine Parts Co.	134,000
	1,563	Kohl’s Corp.	68,381
	2,060	L Brands, Inc.	145,786
	2,751	LKQ Corp.*	97,551
	7,683	Lowe’s Companies, Inc.	554,790
	2,645	Macy’s, Inc.	97,997
	3,705	Netflix, Inc.*	365,128
	1,072	Nordstrom, Inc.	55,615
	850	O’Reilly Automotive, Inc.*	238,094
	3,516	Ross Stores, Inc.	226,079
	664	Signet Jewelers Ltd.	49,488
	5,583	Staples, Inc.	47,735
	5,097	Target Corp.	350,062
	2,030	The Gap, Inc.	45,147
	10,813	The Home Depot, Inc.	1,391,417
	431	The Priceline Group, Inc.*	634,212
	5,800	The TJX Companies, Inc.	433,724
	928	Tiffany & Co.	67,401
	1,191	Tractor Supply Co.	80,214
	984	TripAdvisor, Inc.*	62,169
	501	Ulta Salon, Cosmetics & Fragrance, Inc.*	119,228
	679	Urban Outfitters, Inc.*	23,439
			9,243,632
	Semiconductors & Semiconductor Equipment – 3.3%
	2,702	Analog Devices, Inc.	174,144
	9,482	Applied Materials, Inc.	285,882
	3,458	Broadcom Ltd.	596,574
	668	First Solar, Inc.*	26,379
	41,045	Intel Corp.	1,549,449
	1,340	KLA-Tencor Corp.	93,411
	1,418	Lam Research Corp.	134,299
	2,061	Linear Technology Corp.	122,197
	1,811	Microchip Technology, Inc.	112,536
	8,980	Micron Technology, Inc.*	159,664
	4,467	NVIDIA Corp.	306,079
	1,119	Qorvo, Inc.*	62,373
	12,751	QUALCOMM, Inc.	873,444
	1,702	Skyworks Solutions, Inc.	129,590
	8,771	Texas Instruments, Inc.	615,549
	2,200	Xilinx, Inc.	119,548
			5,361,118
	Software & Services – 12.6%
	5,410	Accenture PLC Class A	660,940
	5,963	Activision Blizzard, Inc.	264,161
	4,331	Adobe Systems, Inc.*	470,087
	1,569	Akamai Technologies, Inc.*	83,141
	502	Alliance Data Systems Corp.*	107,694
	2,578	Alphabet, Inc. Class A*	2,072,867
	2,571	Alphabet, Inc. Class C*	1,998,413
	1,667	Autodesk, Inc.*	120,574
	3,939	Automatic Data Processing, Inc.	347,420
	2,659	CA, Inc.	87,960
	1,342	Citrix Systems, Inc.*	114,365

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	5,301	Cognizant Technology Solutions Corp. Class A*	$       252,911
	1,321	CSRA, Inc.	35,535
	9,129	eBay, Inc.*	300,344
	2,664	Electronic Arts, Inc.*	227,506
	20,222	Facebook, Inc. Class A*	2,593,876
	2,866	Fidelity National Information Services, Inc.	220,768
	1,959	Fiserv, Inc.*	194,862
	1,352	Global Payments, Inc.	103,779
	7,563	International Business Machines Corp.	1,201,383
	2,113	Intuit, Inc.	232,451
	8,427	MasterCard, Inc. Class A	857,616
	67,857	Microsoft Corp.	3,908,563
	26,310	Oracle Corp.	1,033,457
	2,773	Paychex, Inc.	160,473
	9,541	PayPal Holdings, Inc.*	390,895
	1,621	Red Hat, Inc.*	131,025
	5,512	salesforce.com, Inc.*	393,171
	5,432	Symantec Corp.	136,343
	1,169	Teradata Corp.*	36,239
	4,226	The Western Union Co.	87,985
	1,482	Total System Services, Inc.	69,876
	852	VeriSign, Inc.*	66,660
	16,408	Visa, Inc. Class A	1,356,942
	8,130	Xerox Corp.	82,357
	7,552	Yahoo!, Inc.*	325,491
			20,728,130
	Technology Hardware & Equipment – 5.2%
	2,678	Amphenol Corp. Class A	173,856
	46,930	Apple, Inc.	5,305,436
	43,714	Cisco Systems, Inc.	1,386,608
	9,257	Corning, Inc.	218,928
	573	F5 Networks, Inc.*	71,419
	1,120	FLIR Systems, Inc.	35,190
	1,069	Harris Corp.	97,931
	14,478	Hewlett Packard Enterprise Co.	329,375
	15,110	HP, Inc.	234,658
	3,102	Juniper Networks, Inc.	74,634
	1,362	Motorola Solutions, Inc.	103,893
	2,493	NetApp, Inc.	89,299
	2,672	Seagate Technology PLC	103,006
	3,165	TE Connectivity Ltd.	203,763
	2,508	Western Digital Corp.	146,643
			8,574,639
	Telecommunication Services – 2.6%
	53,602	AT&T, Inc.	2,176,777
	4,711	CenturyLink, Inc.	129,223
	10,443	Frontier Communications Corp.	43,443
	2,557	Level 3 Communications, Inc.*	118,594
	35,444	Verizon Communications, Inc.	1,842,379
			4,310,416
	Transportation – 2.1%
	1,121	Alaska Air Group, Inc.	73,829
	4,582	American Airlines Group, Inc.	167,747
	1,254	C.H. Robinson Worldwide, Inc.	88,357
	8,416	CSX Corp.	256,688
	6,655	Delta Air Lines, Inc.	261,941

Shares		Description	Value
	Common Stocks – (continued)
	Transportation – (continued)
	1,648	Expeditors International of Washington, Inc.	$         84,905
	2,114	FedEx Corp.	369,274
	810	J.B. Hunt Transport Services, Inc.	65,723
	960	Kansas City Southern	89,587
	2,549	Norfolk Southern Corp.	247,406
	433	Ryder System, Inc.	28,556
	5,338	Southwest Airlines Co.	207,595
	7,232	Union Pacific Corp.	705,337
	2,565	United Continental Holdings, Inc.*	134,586
	5,989	United Parcel Service, Inc. Class B	654,957
			3,436,488
	Utilities – 3.3%
	5,945	AES Corp.	76,393
	2,026	Alliant Energy Corp.	77,616
	2,123	Ameren Corp.	104,409
	4,241	American Electric Power Co., Inc.	272,315
	1,568	American Water Works Co., Inc.	117,349
	3,794	CenterPoint Energy, Inc.	88,135
	2,425	CMS Energy Corp.	101,874
	2,647	Consolidated Edison, Inc.	199,319
	5,311	Dominion Resources, Inc.	394,448
	1,553	DTE Energy Co.	145,469
	6,013	Duke Energy Corp.	481,281
	2,846	Edison International	205,623
	1,549	Entergy Corp.	118,855
	2,798	Eversource Energy	151,596
	8,025	Exelon Corp.	267,152
	3,625	FirstEnergy Corp.	119,915
	4,028	NextEra Energy, Inc.	492,705
	2,848	NiSource, Inc.	68,665
	2,677	NRG Energy, Inc.	30,009
	4,336	PG&E Corp.	265,233
	1,006	Pinnacle West Capital Corp.	76,446
	5,823	PPL Corp.	201,301
	4,416	Public Service Enterprise Group, Inc.	184,898
	1,246	SCANA Corp.	90,173
	2,060	Sempra Energy	220,811
	8,556	The Southern Co.	438,923
	2,751	WEC Energy Group, Inc.	164,730
	4,411	Xcel Energy, Inc.	181,469
			5,337,112
	TOTAL COMMON STOCKS (Cost $75,115,823)		$163,375,179

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Government Obligation – 0.1%(b)(c)
United States Treasury Bill
$	100,000		0.000	%	03/02/17	$         99,840
(Cost $99,822)
TOTAL INVESTMENTS – 99.5% (Cost $75,215,645)						$163,475,019
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%						899,559
NET ASSETS – 100.0%						$164,374,578

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

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 a 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, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2016, 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	10	December 2016	$	1,080,200	$	4,202

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	85,784,535
Gross unrealized gain		90,714,170
Gross unrealized loss		(13,023,686	)
Net unrealized security gain	$	77,690,484

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 TRENDS ALLOCATION FUND

Schedule of Investments

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures(a) – 13.8%
FHLB Discount Notes
$	18,998,000		0.000	%	12/23/16	$  18,986,886
FHLMC Discount Notes
	28,544,000		0.000		04/06/17	28,483,858
TOTAL AGENCY DEBENTURES (Cost $47,466,198)						$  47,470,744
U.S. Treasury Obligation – 22.7%
United States Treasury Note
$	71,522,000		2.750	%	11/15/23	$  77,938,954
(Cost $76,389,916)
Shares		Description				Value
Exchange Traded Funds – 36.9%
	335,524		iShares Core S&P 500 Fund			$  72,996,601
	612,149		iShares MSCI Emerging Markets Fund			22,924,980
	153,562		Vanguard S&P 500 Fund			30,511,234
TOTAL EXCHANGE TRADED FUNDS (Cost $119,542,707)						$126,432,815
Shares		Distribution Rate				Value
Investment Company(b)(c) – 32.4%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	110,929,386		0.312%			$110,929,386
(Cost $110,929,386)
TOTAL INVESTMENTS – 105.8% (Cost $354,328,207)						$362,771,899
LIABILITIES IN EXCESS OF     OTHER ASSETS – (5.8)%						(19,891,357)
NET ASSETS – 100.0%						$342,880,542

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)	Represents an affiliated issuer.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2016.

Investment Abbreviations:
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
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 TRENDS ALLOCATION FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2016, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date		Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index	512		December 2016	$	17,220,146	$	(206,032	)
Euro-Bund	344		December 2016		64,031,848		426,075
FTSE 100 Index	320		December 2016		28,442,715		716,300
Russell 2000 Mini Index	92		December 2016		11,484,360		(28,713	)
TSE TOPIX Index	132		December 2016		17,221,636		(199,803	)
10 Year Japanese Government Bonds	19		December 2016		28,543,563		137,073
TOTAL						$	844,900

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	356,689,407
Gross unrealized gain		8,443,692
Gross unrealized loss		(2,361,200	)
Net unrealized security gain	$	6,082,492

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 GOVERNMENT MONEY MARKET FUND

Schedule of Investments

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations – 39.1%
Federal Farm Credit Bank
$	3,000,000		0.510	%(a)	12/02/16	$    2,999,981
	1,500,000		0.587	(a)	12/29/16	1,499,964
	100,000		0.718	(a)	12/30/16	100,015
	2,500,000		0.617	(a)	01/20/17	2,500,000
	500,000		0.599	(a)	04/07/17	499,990
	1,200,000		0.625	(a)	04/25/17	1,200,000
	10,000,000		0.606	(a)	05/23/17	10,000,000
	300,000		0.822	(a)	06/13/17	300,255
	350,000		0.710	(a)	06/15/17	350,000
	2,000,000		0.549	(a)	06/30/17	1,999,940
	1,000,000		0.757	(a)	08/01/17	999,591
	300,000		0.564	(a)	09/15/17	299,986
Federal Home Loan Bank
	1,350,000		0.454		10/03/16	1,349,967
	2,500,000		0.587	(a)	10/12/16	2,499,988
	2,750,000		0.463		10/21/16	2,749,306
	2,000,000		0.474		10/26/16	1,999,354
	2,500,000		0.677	(a)	11/01/16	2,500,000
	5,000,000		0.587	(a)	11/03/16	5,000,000
	2,500,000		0.679	(a)	11/03/16	2,500,000
	3,000,000		0.464		11/04/16	2,998,711
	1,000,000		0.459		11/07/16	999,537
	5,500,000		0.708	(a)	11/08/16	5,500,000
	600,000		0.515		12/07/16	599,436
	1,600,000		0.521		12/07/16	1,598,481
	3,250,000		0.510		12/09/16	3,246,885
	1,500,000		0.524	(a)	12/15/16	1,500,000
	1,750,000		0.703	(a)	12/23/16	1,750,000
	3,000,000		0.473	(a)	01/13/17	2,999,974
	2,500,000		0.589	(a)	01/17/17	2,499,312
	3,500,000		0.565	(a)	01/25/17	3,500,000
	5,000,000		0.618	(a)	02/06/17	5,000,000
	500,000		0.728	(a)	02/07/17	499,979
	5,000,000		0.744	(a)	02/17/17	5,000,000
	2,700,000		0.428		02/21/17	2,695,495
	300,000		0.490		02/24/17	299,416
	3,000,000		0.491		02/24/17	2,994,148
	10,000,000		0.711	(a)	03/03/17	10,000,000
	2,000,000		0.766	(a)	03/03/17	2,000,000
	1,500,000		0.792	(a)	03/13/17	1,500,000
	1,500,000		0.794	(a)	03/16/17	1,500,000
	3,400,000		0.786	(a)	03/21/17	3,400,000
	3,500,000		0.744	(a)	03/29/17	3,500,000
	3,150,000		0.539	(a)	04/05/17	3,150,000
	2,450,000		0.569	(a)	04/13/17	2,450,000
	1,500,000		0.579	(a)	04/18/17	1,500,000
	7,500,000		0.527	(a)	04/21/17	7,500,000
	3,800,000		0.535	(a)	04/25/17	3,800,000
	7,000,000		0.724	(a)	06/09/17	7,000,000
	1,500,000		0.715	(a)	06/15/17	1,500,000
	3,000,000		0.498	(a)	06/27/17	3,000,000
	2,500,000		0.799	(a)	08/28/17	2,499,771
	3,500,000		0.602	(a)	09/01/17	3,500,000
	2,000,000		0.596	(a)	09/06/17	2,000,000
	2,500,000		0.569	(a)	10/02/17	2,500,000
	3,000,000		0.579	(a)	10/02/17	3,000,000
	1,500,000		0.613	(a)	11/08/17	1,500,000
	1,500,000		0.647	(a)	12/19/17	1,500,000
	3,000,000		0.510	(a)	12/26/17	3,000,000
	1,400,000		0.651	(a)	12/27/17	1,400,000
	2,000,000		0.673	(a)	02/05/18	2,000,000

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations – (continued)
Federal Home Loan Bank – (continued)
$	2,000,000		0.667	%(a)	02/15/18	$    2,000,000
	3,000,000		0.661	(a)	02/22/18	3,000,000
	1,430,000		0.680	(a)	03/15/18	1,430,000
	1,430,000		0.684	(a)	03/16/18	1,429,896
	4,000,000		0.633	(a)	03/23/18	4,000,000
Federal Home Loan Mortgage Corporation
	10,000,000		0.875		10/14/16	10,001,635
	10,000,000		0.537	(a)	04/20/17	9,999,157
	6,099,000		0.709	(a)	04/26/17	6,098,654
	1,434,000		1.250		05/12/17	1,439,003
	139,000		1.000		06/29/17	139,424
	3,500,000		0.777	(a)	12/20/17	3,500,000
	3,000,000		0.631	(a)	01/08/18	3,000,000
	1,000,000		0.637	(a)	01/12/18	1,000,000
Federal National Mortgage Association
	900,000		1.375		11/15/16	901,027
	200,000		0.750		04/20/17	200,107
	1,994,000		5.000		05/11/17	2,045,269
	100,000		0.609		06/01/17	99,597
	735,000		5.375		06/12/17	759,053
	1,225,000		0.552	(a)	07/20/17	1,224,408
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$211,996,712
U.S. Treasury Obligations – 5.1%
United States Treasury Bills
$	500,000		0.449	%	02/09/17	$       499,199
	200,000		0.371		03/09/17	199,678
	300,000		0.376		03/09/17	299,510
	200,000		0.381		03/09/17	199,669
	100,000		0.442		03/09/17	99,808
	1,000,000		0.540		03/16/17	997,556
	1,500,000		0.550		03/16/17	1,496,265
United States Treasury Notes
	100,000		0.875		02/28/17	100,164
	800,000		3.000		02/28/17	808,274
	300,000		3.250		03/31/17	303,966
	2,790,000		4.500		05/15/17	2,857,264
	200,000		0.625		05/31/17	200,007
	2,900,000		2.750		05/31/17	2,941,532
	7,400,000		0.875		06/15/17	7,412,669
	1,430,000		0.625		06/30/17	1,430,370
	2,000,000		0.750		06/30/17	2,001,683
	1,600,000		2.500		06/30/17	1,622,274
	750,000		0.875		08/15/17	751,416
	2,760,000		4.750		08/15/17	2,858,423
	800,000		0.625		08/31/17	799,746
TOTAL U.S. TREASURY OBLIGATIONS						$  27,879,473
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$239,876,185

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(b) – 36.3%
Joint Repurchase Agreement Account III
$	197,200,000		0.501	%	10/03/16	$197,200,000
Maturity Value: $1,972,008,229
TOTAL INVESTMENTS – 80.5%						$437,076,185
OTHER ASSETS IN EXCESS OF     LIABILITIES – 19.5%						105,781,786
NET ASSETS – 100.0%						$542,857,971

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Interest rate disclosed is that which is in effect at September 30, 2016.
(b)	Unless noted, all repurchase agreements were entered into on September 30, 2016. Additional information on Joint Repurchase Agreement Account III appears in the notes to the Schedule of Investments.
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.
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

September 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.9%
	Banks – 2.4%
	42,702	Eagle Bancorp, Inc.*	$    2,106,490
	24,283	First Republic Bank	1,872,462
			3,978,952
	Capital Goods – 12.7%
	31,811	AMETEK, Inc.	1,519,930
	34,546	Fortive Corp.	1,758,391
	37,476	Fortune Brands Home & Security, Inc.	2,177,356
	14,001	Hubbell, Inc.	1,508,468
	21,668	Roper Technologies, Inc.	3,953,760
	66,457	Sensata Technologies Holding NV*	2,577,202
	32,044	The Middleby Corp.*	3,961,279
	75,052	Xylem, Inc.	3,936,477
			21,392,863
	Consumer Durables & Apparel – 4.5%
	80,819	Kate Spade & Co.*	1,384,429
	73,468	Newell Brands, Inc.	3,868,825
	9,259	PVH Corp.	1,023,120
	35,241	Under Armour, Inc. Class A*	1,363,122
			7,639,496
	Consumer Services – 4.1%
	7,238	Chipotle Mexican Grill, Inc.*	3,065,293
	20,001	Panera Bread Co. Class A*	3,894,595
			6,959,888
	Diversified Financials – 3.8%
	20,122	Affiliated Managers Group, Inc.*	2,911,653
	12,654	Intercontinental Exchange, Inc.	3,408,482
			6,320,135
	Energy – 0.7%
	4,610	Concho Resources, Inc.*	633,183
	10,959	Dril-Quip, Inc.*	610,855
			1,244,038
	Food & Staples Retailing – 1.2%
	69,621	Whole Foods Market, Inc.	1,973,755
	Food, Beverage & Tobacco – 9.3%
	97,100	Blue Buffalo Pet Products, Inc.*	2,307,096
	49,512	Brown-Forman Corp. Class B	2,348,849
	36,457	McCormick & Co., Inc.	3,642,784
	16,388	Mead Johnson Nutrition Co.	1,294,816
	15,854	Molson Coors Brewing Co. Class B	1,740,769
	9,872	Monster Beverage Corp.*	1,449,308
	33,385	TreeHouse Foods, Inc.*	2,910,838
			15,694,460
	Health Care Equipment & Services – 8.6%
	15,661	C. R. Bard, Inc.	3,512,449
	15,254	Cardinal Health, Inc.	1,185,236
	35,265	Cerner Corp.*	2,177,614
	22,067	Edwards Lifesciences Corp.*	2,660,397
	15,618	Henry Schein, Inc.*	2,545,422
	7,378	Nevro Corp.*	770,189
	9,783	Teleflex, Inc.	1,644,033
			14,495,340

Shares		Description	Value
	Common Stocks – (continued)
	Materials – 7.0%
	25,207	Ashland Global Holdings, Inc.	$    2,922,752
	27,916	Avery Dennison Corp.	2,171,586
	34,149	Axalta Coating Systems Ltd.*	965,392
	46,822	RPM International, Inc.	2,515,278
	9,067	The Sherwin-Williams Co.	2,508,476
	26,751	Valvoline, Inc.*	628,381
			11,711,865
	Pharmaceuticals, Biotechnology & Life Sciences – 7.9%
	53,974	Agilent Technologies, Inc.	2,541,636
	8,206	Alexion Pharmaceuticals, Inc.*	1,005,563
	29,391	Alkermes PLC*	1,382,259
	38,608	Exelixis, Inc.*	493,796
	3,565	Incyte Corp.*	336,144
	7,691	Mettler-Toledo International, Inc.*	3,228,912
	11,367	Vertex Pharmaceuticals, Inc.*	991,316
	64,478	Zoetis, Inc.	3,353,501
			13,333,127
	Real Estate Investment Trust – 2.0%
	9,450	Equinix, Inc.	3,404,363
	Retailing – 10.2%
	15,936	Advance Auto Parts, Inc.	2,376,376
	25,953	Expedia, Inc.	3,029,234
	26,598	Five Below, Inc.*	1,071,634
	6,021	O’Reilly Automotive, Inc.*	1,686,542
	66,050	Ross Stores, Inc.	4,247,015
	12,377	Tractor Supply Co.	833,591
	16,138	Ulta Salon, Cosmetics & Fragrance, Inc.*	3,840,521
			17,084,913
	Semiconductors & Semiconductor Equipment – 0.7%
	21,395	Qorvo, Inc.*	1,192,557
	Software & Services – 16.3%
	66,320	Black Knight Financial Services, Inc. Class A*	2,712,488
	40,548	Electronic Arts, Inc.*	3,462,799
	56,830	Fidelity National Information Services, Inc.	4,377,615
	19,477	FleetCor Technologies, Inc.*	3,383,739
	26,889	Global Payments, Inc.	2,064,000
	34,452	Intuit, Inc.	3,790,065
	28,765	Match Group, Inc.*	511,729
	22,594	Mobileye NV*	961,827
	28,484	Red Hat, Inc.*	2,302,362
	17,495	ServiceNow, Inc.*	1,384,729
	20,464	Splunk, Inc.*	1,200,827
	25,975	Total System Services, Inc.	1,224,721
			27,376,901
	Technology Hardware & Equipment – 2.9%
	75,943	Amphenol Corp. Class A	4,930,220
	Telecommunication Services – 3.9%
	49,592	Level 3 Communications, Inc.*	2,300,077
	38,410	SBA Communications Corp. Class A*	4,308,066
			6,608,143

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares	Description	Value
Common Stocks – (continued)
Transportation – 0.7%
12,629	Kansas City Southern	$    1,178,538
TOTAL COMMON STOCKS (Cost $130,361,578)		$166,519,554
Shares	Distribution Rate	Value
Investment Company(a)(b) – 0.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
96	0.312%	$                96
(Cost $96)
TOTAL INVESTMENTS – 98.9% (Cost $130,361,674)		$166,519,650
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%		1,868,896
NET ASSETS – 100.0%		$168,388,546

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)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2016.
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, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	131,065,403
Gross unrealized gain		38,092,228
Gross unrealized loss		(2,637,981	)
Net unrealized security gain	$	35,454,247

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, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 45.3%
Collateralized Mortgage Obligations – 37.0%
Agency Multi-Family(a) – 6.4%
FHLMC Multifamily Structured Pass-Through Certificates Series KF02, Class A1
$	596,297		0.905	%	07/25/20	$     596,120
FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A
	201,298		0.865		01/25/21	200,997
FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A
	1,448,584		0.905		08/25/23	1,447,299
FNMA
	177,330		2.800		03/01/18	179,419
	460,181		3.740		05/01/18	470,744
	110,000		3.840		05/01/18	112,647
	400,000		4.506		06/01/19	414,437
	80,463		3.416		10/01/20	85,486
	83,871		3.619		12/01/20	90,048
	344,479		3.762		12/01/20	371,222
	178,540		4.380		06/01/21	197,805
FNMA ACES Series 2013-M11, Class FA
	195,370		0.855		01/25/18	194,997
GNMA
	58,371		3.950		07/15/25	62,993
						4,424,214
Regular Floater(a) – 30.6%
FHLMC REMIC Series 3049, Class FP
	285,296		0.874		10/15/35	283,755
FHLMC REMIC Series 3208, Class FB(c)
	177,081		0.924		08/15/36	177,081
FHLMC REMIC Series 3208, Class FD(c)
	263,850		0.924		08/15/36	263,850
FHLMC REMIC Series 3208, Class FG(c)
	1,062,484		0.924		08/15/36	1,062,484
FHLMC REMIC Series 3307, Class FT
	1,624,055		0.764		07/15/34	1,622,176
FHLMC REMIC Series 3311, Class KF
	2,739,011		0.864		05/15/37	2,732,661
FHLMC REMIC Series 3371, Class FA(c)
	669,086		1.124		09/15/37	673,696
FHLMC REMIC Series 4174, Class FB
	1,334,711		0.824		05/15/39	1,329,367
FHLMC REMIC Series 4320, Class FD
	618,603		0.924		07/15/39	617,549
FHLMC REMIC Series 4477, Class FG
	1,454,072		0..823		10/15/40	1,437,700
FNMA REMIC Series 2006-82, Class F
	466,252		1.095		09/25/36	468,387
FNMA REMIC Series 2006-96, Class FA
	897,195		0.825		10/25/36	896,282
FNMA REMIC Series 2007-114, Class A7
	400,000		0.725		10/27/37	388,154
FNMA REMIC Series 2007-33, Class HF
	160,001		0.875		04/25/37	159,406
FNMA REMIC Series 2007-36, Class F
	251,035		0.755		04/25/37	249,506
FNMA REMIC Series 2007-85, Class FC
	675,307		1.065		09/25/37	679,609

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(a) – (continued)
FNMA REMIC Series 2008-8, Class FB
$	883,281		1.345	%	02/25/38	$     891,358
FNMA REMIC Series 2011-63, Class FG
	674,749		0.975		07/25/41	675,888
FNMA REMIC Series 2012-35, Class QF
	1,712,524		0.925		04/25/42	1,713,330
FNMA REMIC Series 2016-1, Class FT
	1,695,548		0.875		02/25/46	1,682,463
GNMA Series 2005-48, Class AF
	844,239		0.732		06/20/35	837,186
Leek Finance Number Eighteen PLC Series 18X, Class A2B(c)
	113,556		1.121		09/21/38	122,416
National Credit Union Administration Guaranteed Notes Trust Series 2011-R1, Class 1A(c)
	2,061,294		0.975		01/08/20	2,064,434
						21,028,738
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$25,452,952
Commercial Mortgage-Backed Security – 0.0%
Regular Floater(a) (c) – 0.0%
Banc of America Commercial Mortgage Trust Series 2006-3, Class A4
$	2,967		5.889	%	07/10/44	$         2,964
Federal Agencies (a)– 8.3%
Adjustable Rate FHLMC – 4.5%
	278,159		2.905		05/01/35	292,019
	132,638		2.815		09/01/35	140,303
	271,475		2.985		12/01/36	285,729
	888,460		3.305		04/01/37	946,713
	724,033		2.753		01/01/38	764,098
	619,394		2.767		01/01/38	653,663
						3,082,525
Adjustable Rate FNMA – 3.2%
	82,137		2.607		05/01/33	84,994
	222,407		2.833		05/01/35	235,074
	522,670		2.667		06/01/35	550,386
	773,931		2.583		11/01/35	808,384
	107,584		2.617		12/01/35	113,125
	407,383		2.903		03/01/37	430,934
						2,222,897
Adjustable Rate GNMA – 0.6%
	361,905		2.125		04/20/33	373,268
TOTAL FEDERAL AGENCIES						$  5,678,690
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $31,161,031)						$31,134,606

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debenture(a) – 1.1%
FHLB
$	750,000		0.834	%	09/29/17	$     751,853
(Cost $750,892)
Asset-Backed Securities – 39.4%
Automobile(a)(b)(c) – 0.8%
Chesapeake Funding II LLC Series 2016-2A, Class A2
$	550,000		1.524	%	06/15/28	$     552,791
Collateralized Loan Obligations(a) – 11.8%
Acis CLO Ltd. Series 2013-2A, Class A(b)(c)
	429,593		1.173		10/14/22	426,375
Apidos CLO X Series 2012-10A, Class A(b)(c)
	650,000		2.176		10/30/22	649,540
Black Diamond CLO Ltd. Series 2006-1A, Class AD(b)
	229,100		1.001		04/29/19	228,764
Brentwood CLO Corp. Series 2006-1A, Class A1A(b)(c)
	297,921		1.027		02/01/22	296,468
Brentwood CLO Corp. Series 2006-1A, Class A1B(b)(c)
	117,040		1.027		02/01/22	116,470
Callidus Debt Partners CLO Fund VI Ltd. Series 6A, Class A1T(b)(c)
	238,016		0.974		10/23/21	235,474
Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1(b)(c)
	350,000		2.209	%	04/18/26	348,042
Jamestown CLO III Ltd. Series 2013-3A, Class A1A(b)(c)
	1,400,000		2.130		01/15/26	1,398,844
Jamestown CLO VII Ltd. Series 2015-7A, Class A1(b)(c)
	1,300,000		2.265		07/25/27	1,300,305
OFSI Fund V Ltd. Series 2013-5A, Class A1LA(b)(c)
	300,000		1.609		04/17/25	296,817
OFSI Fund VI Ltd. Series 2014-6A, Class A1(b)(c)
	350,000		1.710		03/20/25	345,825
OZLM Funding III Ltd. Series 2013-3A, Class A1(b)(c)
	500,000		2.032		01/22/25	500,008
Parallel Ltd. Series 2015-1A, Class A(b)(c)
	300,000		2.146		07/20/27	299,087
Sound Point CLO XI Ltd. Series 2016-1A, Class A(b)(c)
	700,000		2.175		07/20/28	701,752
Westchester CLO Ltd. Series 2007-1X, Class A1A(c)
	571,321		0.982		08/01/22	569,525
Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class A1(b)(c)
	400,000		2.009		07/16/27	395,909
						8,109,205
Credit Card(a) – 3.8%
Bank of America Credit Card Trust Series 2014-A1, Class A
	1,000,000		0.904		06/15/21	1,003,229
Capital One Multi-Asset Execution Trust Series 2016-A1, Class A1(c)
	300,000		0.974		02/15/22	301,824
CARDS II Trust Series 2016-1A, Class A(b)(c)
	300,000		1.224		07/15/21	299,893
Evergreen Credit Card Trust Series 2016-1, Class A(b)(c)
	500,000		1.244		04/15/20	501,712
Trillium Credit Card Trust II Series 2016-1A, Class A(b)(c)
	500,000		1.245		05/26/21	500,314
						2,606,972
Student Loans(a) – 23.0%
Academic Loan Funding Trust Series 2013-1A, Class A(b)(c)
	588,863		1.325		12/26/44	579,416

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans(a) – (continued)
Access Group, Inc. Series 2006-1, Class A2
$	80,658		0.935	%	08/25/23	$       80,368
Access Group, Inc. Series 2015-1, Class A(b)(c)
	118,837		1.225		07/25/56	116,219
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	549,664		1.325		02/25/41	528,400
Brazos Higher Education Authority, Inc. Series 2005-1, Class 1A3(c)
	21,749		0.967		09/26/22	21,715
ECMC Group Student Loan Trust Series 2016-1A, Class A(b)(c)
	350,000		1.864		07/26/66	349,994
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(b)
	389,700		1.325		06/25/26	382,878
Educational Funding of the South, Inc. Series 2011-1, Class A2(c)
	700,368		1.365		04/25/35	688,038
Educational Services of America, Inc. Series 2010-1, Class A1 (b) (c)
	920,064		1.564		07/25/23	911,935
Educational Services of America, Inc. Series 2013-1, Class A (b)(c)
	112,408		1.095		02/26/29	110,859
Educational Services of America, Inc. Series 2014-1, Class A(b)(c)
	336,240		1.225		02/25/39	329,833
EFS Volunteer No. 3 LLC Series 2012-1, Class A2(b)(c)
	1,335,534		1.525		02/25/25	1,337,623
GCO Education Loan Funding Trust Series 2006-1, Class A8L
	538,297		0.955		05/25/25	530,454
Goal Capital Funding Trust Series 2007-1, Class A3
	95,226		0.947		09/25/28	94,483
Higher Education Funding I Series 2005-1, Class A4
	71,774		0.965		02/25/30	71,115
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1(c)
	833,836		1.273		12/01/31	817,660
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2(c)
	948,806		1.532		05/20/30	929,141
Navient Student Loan Trust Series 2016-2, Class A1(b)(c)
	494,664		1.275		06/25/65	496,108
Navient Student Loan Trust Series 2016-5A, Class A(b)(c)
	1,382,519		1.775		06/25/65	1,382,523
Nelnet Student Loan Trust Series 2005-4, Class A3(c)
	91,771		0.996		06/22/26	91,345
Nelnet Student Loan Trust Series 2006-2, Class A5(c)
	530,674		0.815		01/25/30	523,148
Nelnet Student Loan Trust Series 2013-5A, Class A(b)(c)
	114,056		1.155		01/25/37	110,931
Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2(c)
	517,312		1.596		07/01/24	518,018
Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3(c)
	706,853		0.855		10/25/35	675,756
Scholar Funding Trust Series 2010-A, Class A(b)(c)
	293,746		1.493		10/28/41	287,903
Scholar Funding Trust Series 2011-A, Class A(b)(c)
	286,845		1.643		10/28/43	276,802
SLM Student Loan Trust Series 2003-12, Class A5(b)(c)
	121,952		1.130		09/15/22	121,627

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans(a) – (continued)
SLM Student Loan Trust Series 2003-14, Class A5
$	47,514		0.945	%	01/25/23	$       47,316
SLM Student Loan Trust Series 2005-9, Class A6
	650,000		1.126		10/26/26	646,334
SLM Student Loan Trust Series 2006-2, Class A5(c)
	440,286		0.825		07/25/25	437,987
SLM Student Loan Trust Series 2006-4, Class A5(c)
	314,746		0.815		10/27/25	314,186
SLM Student Loan Trust Series 2006-9, Class A4(c)
	1,524		0.785		10/25/22	1,524
SLM Student Loan Trust Series 2007-1, Class A5(c)
	1,088,789		0.805		01/26/26	1,071,447
SLM Student Loan Trust Series 2008-5, Class A4(c)
	182,940		2.415		07/25/23	183,399
SLM Student Loan Trust Series 2013-3, Class A2(c)
	46,426		0.825		05/26/20	46,286
SLM Student Loan Trust Series 2014-1, Class A2(c)
	69,756		0.905		07/26/21	69,535
Utah State Board of Regents Series 2015-1, Class A(c)
	551,006		1.125		02/25/43	538,531
Wachovia Student Loan Trust Series 2005-1, Class A5(c)
	54,452		0.844		01/26/26	53,848
						15,774,685
TOTAL ASSET-BACKED SECURITIES (Cost $27,085,174)						$27,043,653
U.S. Treasury Obligations – 9.4%
United States Treasury Bonds
$	800,000		3.750	%	11/15/43	$  1,042,088
United States Treasury Inflation-Protected Securities
	1,161,110		2.625		07/15/17	1,197,395
	624,624		0.125		04/15/18	631,551
	564,850		0.125		04/15/19	574,825
	2,980,069		0.125		04/15/20	3,039,670
TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,377,063)						$  6,485,529
Shares		Distribution Rate				Value
Investment Company (a) (d) – 2.5%
Goldman Sachs Financial Square Government Fund — Institutional Shares
$	1,730,190		0.312%			$  1,730,190
(Cost $1,730,190)
TOTAL INVESTMENTS – 97.7% (Cost $67,104,350)						$67,145,831
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.3%						1,610,029
NET ASSETS – 100.0%						$68,755,860

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 on September 30, 2016.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed 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 $16,189,041, which represents approximately 23.5% of net assets as of September 30, 2016.
(c)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
FHLMC	— Federal Home Loan Mortgage Corp.
FHLB	— Federal Home Loan Banks
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, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2016, 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 2016	$	247,700		$	4
90 Day Eurodollar	1		March 2017		247,638			26
90 Day Eurodollar	1		June 2017		247,538			5
90 Day Eurodollar	1		September 2017		247,450			7
90 Day Eurodollar	1		December 2017		247,338			14
90 Day Eurodollar	1		March 2018		247,288			27
90 Day Eurodollar	1		June 2018		247,213			32
U.S. Long Bonds	(4)		December 2016		(672,625	)		3,493
U.S. Ultra Long Treasury Bonds	(4)		December 2016		(735,500	)		3,621
2 Year U.S. Treasury Notes	(11)		December 2016		(2,403,156	)		(997	)
5 Year U.S. Treasury Notes	(26)		December 2016		(3,159,406	)		(7,447	)
10 Year U.S. Treasury Notes	2		December 2016		262,250			(129	)
TOTAL							$	(1,344	)

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	67,106,222
Gross unrealized gain		382,280
Gross unrealized loss		(342,671	)
Net unrealized security gain	$	39,609

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, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 96.2%
	Banks – 14.3%
	2,109,750	Bank of America Corp.	$  33,017,588
	237,198	Citigroup, Inc.	11,202,862
	344,065	JPMorgan Chase & Co.	22,911,288
	606,376	Regions Financial Corp.	5,984,931
	784,019	Wells Fargo & Co.	34,716,361
			107,833,030
	Capital Goods – 7.3%
	102,484	Caterpillar, Inc.	9,097,505
	1,096,342	General Electric Co.	32,473,650
	132,671	United Technologies Corp.	13,479,373
			55,050,528
	Consumer Durables & Apparel – 1.7%
	175,454	Mattel, Inc.	5,312,747
	142,549	Newell Brands, Inc.	7,506,631
			12,819,378
	Diversified Financials – 3.8%
	141,514	American Express Co.	9,062,557
	114,752	Capital One Financial Corp.	8,242,636
	352,520	Morgan Stanley	11,301,791
			28,606,984
	Energy – 12.2%
	88,678	Apache Corp.	5,663,864
	73,476	Baker Hughes, Inc.	3,708,334
	337,448	BP PLC ADR	11,864,671
	140,786	Chevron Corp.	14,489,695
	353,255	ConocoPhillips	15,355,995
	244,422	Exxon Mobil Corp.	21,333,152
	219,343	National Oilwell Varco, Inc.	8,058,662
	94,009	Range Resources Corp.	3,642,849
	584,870	Southwestern Energy Co.*	8,094,601
			92,211,823
	Food & Staples Retailing – 2.2%
	150,860	Wal-Mart Stores, Inc.	10,880,023
	192,535	Whole Foods Market, Inc.	5,458,367
			16,338,390
	Food, Beverage & Tobacco – 1.9%
	83,388	Campbell Soup Co.	4,561,324
	106,277	Mondelez International, Inc. Class A	4,665,560
	118,111	Reynolds American, Inc.	5,568,934
			14,795,818
	Health Care Equipment & Services – 3.8%
	367,021	Abbott Laboratories	15,521,318
	49,253	Aetna, Inc.	5,686,259
	22,687	Humana, Inc.	4,013,103
	44,277	Medtronic PLC	3,825,533
			29,046,213
	Household & Personal Products – 3.1%
	46,296	Kimberly-Clark Corp.	5,839,777
	193,078	The Procter & Gamble Co.	17,328,751
			23,168,528

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – 4.4%
	165,297	Lincoln National Corp.	$    7,765,653
	264,025	MetLife, Inc.	11,730,631
	235,916	The Hartford Financial Services Group, Inc.	10,101,923
	111,731	XL Group Ltd.	3,757,513
			33,355,720
	Materials – 3.3%
	92,498	Ball Corp.	7,580,211
	194,580	E.I. du Pont de Nemours & Co.	13,031,023
	376,221	Freeport-McMoRan, Inc.	4,085,760
			24,696,994
	Media – 2.2%
	68,327	Comcast Corp. Class A	4,532,813
	163,551	DISH Network Corp. Class A*	8,959,324
	74,587	Viacom, Inc. Class B	2,841,765
			16,333,902
	Pharmaceuticals, Biotechnology & Life Sciences – 10.5%
	66,628	Allergan PLC*	15,345,095
	18,396	Biogen, Inc.*	5,758,500
	68,172	Celgene Corp.*	7,126,019
	134,504	Johnson & Johnson	15,888,958
	191,545	Merck & Co., Inc.	11,954,323
	477,543	Pfizer, Inc.	16,174,381
	85,949	Vertex Pharmaceuticals, Inc.*	7,495,612
			79,742,888
	Real Estate Investment Trusts – 1.4%
	28,854	AvalonBay Communities, Inc.	5,131,395
	57,114	Vornado Realty Trust	5,780,508
			10,911,903
	Retailing – 0.6%
	38,647	Expedia, Inc.	4,510,878
	Semiconductors & Semiconductor Equipment – 1.3%
	138,740	QUALCOMM, Inc.	9,503,690
	Software & Services – 5.8%
	15,768	Alphabet, Inc. Class A*	12,678,418
	236,901	eBay, Inc.*	7,794,043
	73,428	Microsoft Corp.	4,229,453
	293,722	Oracle Corp.	11,537,400
	303,682	Symantec Corp.	7,622,418
			43,861,732
	Technology Hardware & Equipment – 4.8%
	99,630	Apple, Inc.	11,263,171
	492,197	Cisco Systems, Inc.	15,612,489
	245,020	Corning, Inc.	5,794,723
	60,729	TE Connectivity Ltd.	3,909,733
			36,580,116
	Telecommunication Services – 4.7%
	119,906	Level 3 Communications, Inc.*	5,561,240
	578,028	Verizon Communications, Inc.	30,045,896
			35,607,136

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares	Description	Value
Common Stocks – (continued)
Transportation – 1.6%
128,295	Union Pacific Corp.	$  12,512,611
Utilities – 5.3%
133,566	Duke Energy Corp.	10,690,623
244,856	FirstEnergy Corp.	8,099,837
92,107	NextEra Energy, Inc.	11,266,528
160,502	PG&E Corp.	9,817,907
		39,874,895
TOTAL COMMON STOCKS (Cost $619,688,400)		$727,363,157
Shares	Distribution Rate	Value
Investment Company(a)(b) – 0.9%
Goldman Sachs Financial Square Government Fund — Institutional Shares
6,471,475	0.312%	$    6,471,475
(Cost $6,471,475)
TOTAL INVESTMENTS – 97.1% (Cost $626,159,875)		$733,834,632
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.9%		22,288,959
NET ASSETS – 100.0%		$756,123,591

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)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2016.

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, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	635,552,884
Gross unrealized gain		118,123,765
Gross unrealized loss		(19,842,017	)
Net unrealized security gain	$	98,281,748

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, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.8%
	Automobiles & Components – 0.5%
	59,895	Delphi Automotive PLC	$    4,271,711
	Banks – 5.5%
	530,522	Citizens Financial Group, Inc.	13,109,199
	101,314	Comerica, Inc.	4,794,178
	1,640,287	Huntington Bancshares, Inc.	16,173,230
	83,760	Signature Bank*	9,921,372
			43,997,979
	Capital Goods – 8.5%
	211,035	AMETEK, Inc.	10,083,252
	39,293	Hubbell, Inc.	4,233,428
	91,006	Ingersoll-Rand PLC	6,182,948
	40,405	L-3 Communications Holdings, Inc.	6,090,246
	65,538	Orbital ATK, Inc.	4,995,962
	197,212	Pentair PLC	12,668,899
	103,821	Stanley Black & Decker, Inc.	12,767,906
	200,971	Textron, Inc.	7,988,597
	35,745	Wabtec Corp.	2,918,579
			67,929,817
	Commercial & Professional Services – 1.2%
	127,517	Waste Connections, Inc.	9,525,520
	Consumer Durables & Apparel – 1.3%
	176,402	Kate Spade & Co.*	3,021,766
	96,750	Mattel, Inc.	2,929,590
	71,176	VF Corp.	3,989,415
			9,940,771
	Consumer Services – 0.3%
	104,003	MGM Resorts International*	2,707,198
	Diversified Financials – 4.3%
	153,543	Raymond James Financial, Inc.	8,937,738
	1,256,517	SLM Corp.*	9,386,182
	552,694	Synchrony Financial	15,475,432
	10,132	Voya Financial, Inc.	292,004
			34,091,356
	Energy – 10.7%
	90,263	Anadarko Petroleum Corp.	5,719,064
	323,699	Antero Resources Corp.*	8,723,688
	87,483	Baker Hughes, Inc.	4,415,267
	206,986	Cabot Oil & Gas Corp.	5,340,239
	70,801	Cimarex Energy Co.	9,513,530
	227,973	Devon Energy Corp.	10,055,889
	932,495	Encana Corp.	9,763,223
	182,008	FMC Technologies, Inc.*	5,400,177
	209,997	Newfield Exploration Co.*	9,126,470
	60,423	Pioneer Natural Resources Co.	11,217,530
	222,393	Rice Energy, Inc.*	5,806,681
			85,081,758
	Food & Staples Retailing – 0.6%
	168,292	Whole Foods Market, Inc.	4,771,078
	Food, Beverage & Tobacco – 3.0%
	228,343	ConAgra Foods, Inc.	10,757,239

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	122,400	Molson Coors Brewing Co. Class B	$  13,439,520
			24,196,759
	Health Care Equipment & Services – 4.1%
	202,517	Centene Corp.*	13,560,538
	74,508	Laboratory Corp. of America Holdings*	10,243,360
	70,261	Zimmer Biomet Holdings, Inc.	9,135,335
			32,939,233
	Insurance – 6.8%
	164,956	Arthur J. Gallagher & Co.	8,391,312
	138,462	Endurance Specialty Holdings Ltd.	9,062,338
	157,172	Lincoln National Corp.	7,383,941
	292,422	The Hartford Financial Services Group, Inc.	12,521,510
	158,207	W.R. Berkley Corp.	9,138,036
	232,421	XL Group Ltd.	7,816,318
			54,313,455
	Materials – 5.5%
	179,127	Bemis Co., Inc.	9,137,268
	131,656	Celanese Corp. Series A	8,763,023
	140,928	FMC Corp.	6,812,460
	748,784	Freeport-McMoRan, Inc.	8,131,794
	59,867	Martin Marietta Materials, Inc.	10,722,779
			43,567,324
	Media – 2.2%
	166,456	Discovery Communications, Inc. Class A*	4,480,995
	153,465	DISH Network Corp. Class A*	8,406,813
	117,508	Viacom, Inc. Class B	4,477,055
			17,364,863
	Pharmaceuticals, Biotechnology & Life Sciences – 2.6%
	42,527	BioMarin Pharmaceutical, Inc.*	3,934,598
	125,862	Perrigo Co. PLC	11,620,839
	59,201	Vertex Pharmaceuticals, Inc.*	5,162,919
			20,718,356
	Real Estate Investment Trusts – 13.4%
	622,754	Brixmor Property Group, Inc	17,306,334
	742,856	DDR Corp.	12,947,980
	51,526	Federal Realty Investment Trust	7,931,397
	810,692	MFA Financial, Inc.	6,063,976
	78,957	Mid-America Apartment Communities, Inc.	7,421,168
	61,832	Post Properties, Inc.	4,088,950
	412,204	RLJ Lodging Trust	8,668,650
	224,765	Starwood Property Trust, Inc.	5,061,708
	106,350	Taubman Centers, Inc.	7,913,503
	362,524	Two Harbors Investment Corp.	3,092,330
	134,189	Ventas, Inc.	9,477,769
	167,551	Vornado Realty Trust	16,957,837
			106,931,602

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – 4.2%
	9,757	AutoZone, Inc.*	$    7,496,693
	88,447	Expedia, Inc.	10,323,534
	303,331	Sally Beauty Holdings, Inc.*	7,789,540
	58,351	Tractor Supply Co.	3,929,940
	71,500	Williams-Sonoma, Inc.	3,652,220
			33,191,927
	Semiconductors & Semiconductor Equipment – 2.4%
	589,865	Marvell Technology Group Ltd.	7,827,509
	183,924	Maxim Integrated Products, Inc.	7,344,085
	50,413	Skyworks Solutions, Inc.	3,838,446
			19,010,040
	Software & Services – 4.2%
	109,589	Check Point Software Technologies Ltd.*	8,505,202
	103,422	Fidelity National Information Services, Inc.	7,966,597
	143,709	IAC/InterActiveCorp	8,977,501
	332,085	Symantec Corp.	8,335,334
			33,784,634
	Technology Hardware & Equipment – 3.0%
	751,835	Brocade Communications Systems, Inc.	6,939,437
	220,666	Corning, Inc.	5,218,751
	32,992	F5 Networks, Inc.*	4,112,123
	171,582	VeriFone Systems, Inc.*	2,700,701
	649,814	Viavi Solutions, Inc.*	4,802,125
			23,773,137
	Telecommunication Services – 1.4%
	239,811	Level 3 Communications, Inc.*	11,122,434
	Transportation – 1.7%
	514,641	JetBlue Airways Corp.*	8,872,411
	68,577	Old Dominion Freight Line, Inc.*	4,705,068
			13,577,479
	Utilities – 10.4%
	115,630	American Water Works Co., Inc.	8,653,749
	100,715	Atmos Energy Corp.	7,500,246
	332,484	FirstEnergy Corp.	10,998,571
	141,602	PG&E Corp.	8,661,794
	104,249	Pinnacle West Capital Corp.	7,921,882
	129,647	SCANA Corp.	9,382,554
	141,728	Sempra Energy	15,191,824
	343,608	Xcel Energy, Inc.	14,136,033
			82,446,653
	TOTAL COMMON STOCKS (Cost $700,766,293)		$779,255,084

Shares	Distribution Rate			Value
Investment Company(a)(b) – 1.3%
Goldman Sachs Financial Square Government Fund — Institutional Shares
10,372,823		0.312	%	$  10,372,823
(Cost $10,372,823)
TOTAL INVESTMENTS – 99.1% (Cost $711,139,116)				$789,627,907
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%				6,893,684
NET ASSETS –100.0%				$796,521,591

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 Affiliated Funds.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2016.
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, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	720,060,185
Gross unrealized gain		88,502,452
Gross unrealized loss		(18,934,730	)
Net unrealized security gain	$	69,567,722

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 MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

September 30, 2016 (Unaudited)

Shares	Description	Value
Underlying Funds (Institutional Shares)(a) – 87.9%
Equity – 13.2%
80,348	Goldman Sachs Long Short Fund	$     690,990
30,747	Goldman Sachs Emerging Markets Equity Fund	540,535
5,521	Goldman Sachs Real Estate Securities Fund	117,492
15,458	Goldman Sachs International Real Estate Securities Fund	96,766
		1,445,783
Fixed Income – 74.7%
183,833	Goldman Sachs Long Short Credit Strategies Fund	1,772,154
159,529	Goldman Sachs Strategic Income Fund	1,525,093
161,780	Goldman Sachs Absolute Return Tracker Fund	1,486,755
144,373	Goldman Sachs Fixed Income Macro Strategies Fund	1,274,815
105,803	Goldman Sachs Managed Futures Strategy Fund	1,115,167
121,834	Goldman Sachs Dynamic Emerging Markets Debt Fund	1,047,774
		8,221,758
TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) (Cost $9,754,711)		$  9,667,541
Exchange Traded Funds – 1.2%
706	iShares JP Morgan USD Emerging Markets Bond Fund	$       82,750
734	ProShares Short VIX Short-Term Futures Fund	53,736
TOTAL EXCHANGE TRADED FUNDS (Cost $109,632)		$     136,486
Shares	Distribution Rate	Value
Investment Company(a)(b) – 9.6%
Goldman Sachs Financial Square Government Fund — Institutional Shares
1,057,331	0.312%	$  1,057,331
(Cost $1,057,331)
TOTAL INVESTMENTS – 98.7% (Cost $10,921,674)		$10,861,358
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%		139,367
NET ASSETS – 100.0%		$11,000,725

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.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on June 30, 2016.

Currency Abbreviations:
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CNY	— Chinese Yuan
GBP	— British Pound
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
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 MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2016, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value		Unrealized Gain
Citibank, N.A.	BRL	20,000	USD	6,102		10/04/16	$	6,150	$	48
	IDR	1,890,000,000	USD	142,695		12/21/16		143,776		1,081
	PLN	180,000	USD	46,840		12/21/16		47,002		162
	USD	66,074	HUF	18,000,000		12/21/16		65,684		390
	USD	45,727	KRW	50,000,000		12/21/16		45,362		365
	USD	44,193	MYR	180,000		12/21/16		43,524		669
Deutsche Bank AG	IDR	90,000,000	USD	6,831		12/21/16		6,847		15
JPMorgan Chase Bank, N.A.	USD	113,569	GBP	85,000		12/21/16		110,357		3,212
Societe Generale	GBP	35,000	USD	45,430		12/21/16		45,441		11
	NOK	400,000	USD	49,346		12/21/16		50,045		699
Standard Chartered Bank	BRL	260,000	USD	79,395		10/04/16		79,947		552
	RUB	4,250,000	USD	64,443		12/21/16		66,344		1,901
State Street Bank	USD	86,487	BRL	280,000		10/04/16		86,097		390
	USD	62,369	CHF	60,000		12/21/16		62,064		305
	USD	51,892	NZD	70,000		12/21/16		50,814		1,078
UBS AG	INR	6,500,000	USD	96,258		12/21/16		96,490		232
	USD	67,746	TWD	2,100,000		12/21/16		67,471		275
TOTAL									$	11,385
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value		Unrealized Loss
Barclays Bank PLC	USD	49,101	JPY	5,000,000		12/21/16	$	49,484	$	(383	)
Deutsche Bank AG	BRL	80,000	USD	24,540		11/03/16		24,383		(157	)
	GBP	50,000	USD	65,202		12/21/16		64,916		(287	)
	SEK	75,000	USD	8,790		12/21/16		8,778		(11	)
Morgan Stanley Co., Inc.	USD	65,272	CNY	440,000		12/21/16		65,600		(328	)
	USD	8,892	KRW	10,000,000		12/21/16		9,073		(180	)
	USD	7,241	MYR	30,000		12/21/16		7,254		(12	)
Societe Generale	USD	45,584	CAD	60,000		12/21/16		45,760		(176	)
Standard Chartered Bank	USD	67,629	CLP	45,000,000		12/21/16		67,976		(347	)
State Street Bank	BRL	280,000	USD	85,774		11/03/16		85,341		(433	)
UBS AG	SEK	375,000	USD	44,885		12/21/16		43,891		(994	)
TOTAL									$	(3,308	)

FUTURES CONTRACTS — At September 30, 2016, the Portfolio had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date		Current Value			Unrealized Gain (Loss)
EURO STOXX 50 Index	(2)		December 2016	$	(67,266	)	$	(22	)
H-Shares Index	1		October 2016		61,884			(241	)
IBEX 35 Index	1		October 2016		98,435			(58	)
mini MSCI EAFE Index Futures	2		December 2016		170,670			(1,594	)
mini MSCI Emerging Markets Index Futures	(7)		December 2016		(319,375	)		4,291
SGX FTSE China A50 Index	(8)		October 2016		(76,540	)		(318	)
SGX S&P CNX Nifty Index	4		October 2016		69,208			(1,439	)
TOTAL							$	619

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	11,001,259
Gross unrealized gain		132,625
Gross unrealized loss		(272,526	)
Net unrealized security loss	$	(139,901	)

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 SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

September 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.1%
	Automobiles & Components – 3.0%
	3,294	American Axle & Manufacturing Holdings, Inc.*	$       56,723
	8,766	Cooper Tire & Rubber Co.	333,283
	5,233	Cooper-Standard Holding, Inc.*	517,020
	31,699	Dana, Inc.	494,187
	7,429	Drew Industries, Inc.	728,191
	26,323	Modine Manufacturing Co.*	312,191
	13,446	Superior Industries International, Inc.	392,085
			2,833,680
	Banks – 9.0%
	12,466	Beneficial Bancorp, Inc.	183,375
	12,469	Berkshire Hills Bancorp, Inc.	345,516
	4,365	Capitol Federal Financial, Inc.	61,416
	24,226	Central Pacific Financial Corp.	610,253
	39,573	CVB Financial Corp.	696,880
	29,561	Dime Community Bancshares, Inc.	495,442
	14,275	FCB Financial Holdings, Inc. Class A*	548,588
	1,976	First Busey Corp.	44,658
	797	First Citizens BancShares, Inc. Class A	234,230
	5,288	First Interstate BancSystem, Inc. Class A	166,625
	31,888	First Midwest Bancorp, Inc.	617,352
	1,439	Flagstar Bancorp, Inc.*	39,932
	4,289	FNB Corp.	52,755
	1,263	Glacier Bancorp, Inc.	36,021
	6,808	Hanmi Financial Corp.	179,323
	1,411	Hilltop Holdings, Inc.*	31,691
	8,431	HomeStreet, Inc.*	211,281
	5,071	International Bancshares Corp.	151,014
	41,915	OFG Bancorp	423,761
	3,220	Old National Bancorp	45,273
	18,763	Oritani Financial Corp.	294,954
	1,388	PrivateBancorp, Inc.	63,737
	12,798	Prosperity Bancshares, Inc.	702,482
	44,748	Radian Group, Inc.	606,335
	941	Renasant Corp.	31,646
	16,291	Sterling Bancorp	285,092
	30,794	Umpqua Holdings Corp.	463,450
	15,787	United Community Banks, Inc.	331,843
	3,522	Walker & Dunlop, Inc.*	88,966
	8,342	Washington Federal, Inc.	222,565
	8,703	WSFS Financial Corp.	317,572
			8,584,028
	Capital Goods – 9.6%
	27,208	Aegion Corp.*	518,857
	6,566	Aircastle Ltd.	130,401
	6,659	Altra Industrial Motion Corp.	192,911
	7,400	Astec Industries, Inc.	443,038
	5,463	AZZ, Inc.	356,570
	16,054	Babcock & Wilcox Enterprises, Inc.*	264,891
	1,195	Chart Industries, Inc.*	39,232
	1,910	CLARCOR, Inc.	124,150
	5,373	Comfort Systems USA, Inc.	157,483
	9,523	Continental Building Products, Inc.*	199,888
	7,970	Curtiss-Wright Corp.	726,147
	18,700	DigitalGlobe, Inc.*	514,250
	5,186	Ducommun, Inc.*	118,448
	10,584	EMCOR Group, Inc.	631,018
	7,397	Esterline Technologies Corp.*	562,468
	6,115	Federal Signal Corp.	81,085

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	22,138	General Cable Corp.	$     331,627
	14,910	H&E Equipment Services, Inc.	249,892
	4,420	Hyster-Yale Materials Handling, Inc.	265,775
	3,418	Kadant, Inc.	178,112
	20,835	LSI Industries, Inc.	233,977
	3,241	Masonite International Corp.*	201,493
	8,315	Miller Industries, Inc.	189,499
	26,006	MRC Global, Inc.*	427,279
	20,111	NCI Building Systems, Inc.*	293,419
	2,298	Standex International Corp.	213,415
	1,259	Tennant Co.	81,583
	1,650	Univar, Inc.*	36,052
	6,671	Universal Forest Products, Inc.	657,027
	33,181	Wabash National Corp.*	472,497
	3,005	Woodward, Inc.	187,752
			9,080,236
	Commercial & Professional Services – 6.1%
	19,026	Brady Corp. Class A	658,490
	758	CEB, Inc.	41,288
	4,262	Essendant, Inc.	87,456
	13,515	FTI Consulting, Inc.*	602,229
	8,302	Heidrick & Struggles International, Inc.	154,002
	7,628	Herman Miller, Inc.	218,161
	4,539	HNI Corp.	180,652
	9,132	Huron Consulting Group, Inc.*	545,728
	7,858	Insperity, Inc.	570,805
	32,194	Kimball International, Inc. Class B	416,590
	16,296	Knoll, Inc.	372,364
	14,178	McGrath RentCorp	449,584
	19,294	Quad/Graphics, Inc.	515,536
	6,998	RPX Corp.*	74,809
	8,526	Steelcase, Inc. Class A	118,426
	4,315	The Advisory Board Co.*	193,053
	13,435	The Brink’s Co.	498,170
	2,271	West Corp.	50,144
			5,747,487
	Consumer Durables & Apparel – 2.2%
	45,111	Callaway Golf Co.	523,739
	6,009	Columbia Sportswear Co.	340,951
	2,729	CSS Industries, Inc.	69,808
	14,162	Ethan Allen Interiors, Inc.	442,846
	3,014	G-III Apparel Group Ltd.*	87,858
	2,184	Helen of Troy Ltd.*	188,195
	12,459	KB Home(a)	200,839
	5,724	La-Z-Boy, Inc.	140,581
	732	Sturm, Ruger & Co., Inc.	42,280
	968	TopBuild Corp.*	32,138
			2,069,235
	Consumer Services – 5.0%
	8,121	BJ’s Restaurants, Inc.*	288,702
	3,327	Bloomin’ Brands, Inc.	57,357
	13,950	Bob Evans Farms, Inc./DE	534,285
	21,864	Boyd Gaming Corp.*	432,470
	19,200	Bridgepoint Education, Inc.*	131,904
	4,374	Bright Horizons Family Solutions, Inc.*	292,577
	3,172	Capella Education Co.	184,103
	3,194	ClubCorp Holdings, Inc.	46,217
	20,533	Houghton Mifflin Harcourt Co.*	275,348

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	6,261	International Speedway Corp. Class A	$     209,243
	29,727	K12, Inc.*	426,582
	6,737	La Quinta Holdings, Inc.*	75,320
	32,333	Penn National Gaming, Inc.*	438,759
	11,932	Pinnacle Entertainment, Inc.*	147,241
	37,050	Regis Corp.*	464,977
	15,624	Sonic Corp.	409,036
	9,960	Sotheby’s*(a)	378,679
			4,792,800
	Diversified Financials – 2.3%
	4,748	Cohen & Steers, Inc.	202,977
	677	Diamond Hill Investment Group, Inc.	125,103
	11,202	Evercore Partners, Inc. Class A	577,015
	34,474	EZCORP, Inc. Class A*	381,283
	6,262	GAMCO Investors, Inc. Class A	178,279
	2,735	Nelnet, Inc. Class A	110,412
	12,518	Piper Jaffray Companies*	604,619
			2,179,688
	Energy – 2.7%
	20,395	Callon Petroleum Co.*	320,202
	4,742	Carrizo Oil & Gas, Inc.*	192,620
	67,843	Denbury Resources, Inc.*(a)	219,133
	17,835	EP Energy Corp. Class A*(a)	78,117
	20,050	Matador Resources Co.*	488,017
	40,233	McDermott International, Inc.*	201,567
	35,771	Oasis Petroleum, Inc.*	410,293
	5,318	Oil States International, Inc.*	167,889
	2,432	PDC Energy, Inc.*	163,090
	50,549	Pioneer Energy Services Corp.*	204,218
	8,131	Unit Corp.*	151,237
			2,596,383
	Food, Beverage & Tobacco – 1.5%
	5,578	Calavo Growers, Inc.	364,969
	2,981	Darling Ingredients, Inc.*	40,273
	9,049	Fresh Del Monte Produce, Inc.	542,035
	1,583	John B Sanfilippo & Son, Inc.	81,255
	2,773	The Boston Beer Co., Inc. Class A*	430,536
			1,459,068
	Health Care Equipment & Services – 4.8%
	367	Atrion Corp.	156,562
	2,617	Cantel Medical Corp.	204,074
	8,393	Cynosure, Inc. Class A*	427,539
	8,799	HMS Holdings Corp.*	195,074
	4,546	ICU Medical, Inc.*	574,524
	2,292	Insulet Corp.*	93,835
	4,417	Invacare Corp.	49,338
	8,374	Magellan Health, Inc.*	449,935
	11,005	Masimo Corp.*	654,687
	6,934	Medidata Solutions, Inc.*	386,640
	709	Molina Healthcare, Inc.*	41,349
	8,821	Natus Medical, Inc.*	346,577
	1,411	Orthofix International NV*	60,348
	16,828	Owens & Minor, Inc.	584,436
	13,615	Triple-S Management Corp. Class B*	298,577
			4,523,495
	Household & Personal Products – 0.1%
	3,756	Central Garden & Pet Co. Class A*	93,149

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – 2.0%
	38,126	American Equity Investment Life Holding Co.	$     675,974
	12,478	Argo Group International Holdings Ltd.	704,009
	21,913	Genworth Financial, Inc. Class A*	108,688
	30,451	Maiden Holdings Ltd.	386,423
			1,875,094
	Materials – 6.2%
	5,551	Carpenter Technology Corp.	229,034
	20,733	Coeur Mining, Inc.*	245,271
	37,899	Commercial Metals Co.	613,585
	2,662	Greif, Inc. Class A	132,009
	12,320	HB Fuller Co.	572,510
	22,741	Hecla Mining Co.	129,624
	6,905	Innophos Holdings, Inc.	269,502
	2,690	KapStone Paper and Packaging Corp.	50,895
	7,554	Louisiana-Pacific Corp.*	142,242
	4,683	Materion Corp.	143,815
	9,650	Minerals Technologies, Inc.	682,159
	16,424	PolyOne Corp.	555,295
	25,163	Schnitzer Steel Industries, Inc. Class A	525,907
	1,438	Schweitzer-Mauduit International, Inc.	55,449
	3,723	Stepan Co.	270,513
	10,800	The Chemours Co.	172,800
	10,240	Trinseo SA	579,174
	9,983	Worthington Industries, Inc.	479,484
			5,849,268
	Media – 0.4%
	18,606	Gannett Co., Inc.	216,574
	8,184	New Media Investment Group, Inc.	126,852
			343,426
	Pharmaceuticals, Biotechnology & Life Sciences – 8.0%
	3,513	Acceleron Pharma, Inc.*	127,135
	12,906	Achillion Pharmaceuticals, Inc.*	104,539
	15,359	Acorda Therapeutics, Inc.*	320,696
	3,938	ARIAD Pharmaceuticals, Inc.*	53,911
	726	Cambrex Corp.*	32,278
	17,122	Emergent BioSolutions, Inc.*	539,857
	30,549	Exelixis, Inc.*	390,722
	11,143	FibroGen, Inc.*	230,660
	3,818	Five Prime Therapeutics, Inc.*	200,407
	17,062	Genomic Health, Inc.*	493,433
	29,229	Horizon Pharma PLC*	529,922
	10,936	Impax Laboratories, Inc.*	259,183
	3,417	INC Research Holdings, Inc. Class A*	152,330
	12,679	Insys Therapeutics, Inc.*(a)	149,485
	32,735	Ironwood Pharmaceuticals, Inc.*	519,832
	3,699	Lexicon Pharmaceuticals, Inc.*(a)	66,841
	13,337	MiMedx Group, Inc.*(a)	114,431
	2,908	Momenta Pharmaceuticals, Inc.*	33,995
	25,824	Myriad Genetics, Inc.*	531,458
	5,376	Ophthotech Corp.*	247,995
	3,836	Pacira Pharmaceuticals, Inc.*	131,268
	87,665	PDL BioPharma, Inc.	293,678
	10,515	Prestige Brands Holdings, Inc.*	507,559
	2,471	Prothena Corp. PLC*(a)	148,186
	1,798	Puma Biotechnology, Inc.*(a)	120,556

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	10,918	Repligen Corp.*	$     329,614
	1,425	Retrophin, Inc.*	31,891
	1,090	Sage Therapeutics, Inc.*	50,194
	1,813	Sarepta Therapeutics, Inc.*(a)	111,336
	20,158	SciClone Pharmaceuticals, Inc.*	206,619
	1,303	TESARO, Inc.*	130,613
	784	Ultragenyx Pharmaceutical, Inc.*	55,617
	4,456	Vanda Pharmaceuticals, Inc.*	74,148
	11,647	Xencor, Inc.*	285,235
			7,575,624
	Real Estate – 8.6%
	34,949	American Capital Mortgage Investment Corp. (REIT)	600,773
	115,864	Anworth Mortgage Asset Corp. (REIT)(b)	570,051
	2,466	CareTrust REIT, Inc. (REIT)	36,447
	52,498	CBL & Associates Properties, Inc. (REIT)	637,326
	3,638	CoreSite Realty Corp. (REIT)	269,358
	48,152	Cousins Properties, Inc. (REIT)	502,707
	3,518	DuPont Fabros Technology, Inc. (REIT)	145,118
	27,286	First Industrial Realty Trust, Inc. (REIT)	770,011
	20,827	Hudson Pacific Properties, Inc. (REIT)	684,583
	36,870	Invesco Mortgage Capital, Inc. (REIT)	561,530
	7,221	Kennedy-Wilson Holdings, Inc.	162,834
	26,866	Mack-Cali Realty Corp. (REIT)	731,293
	964	National Health Investors, Inc. (REIT)	75,655
	32,899	New Senior Investment Group, Inc. (REIT)	379,654
	21,347	Pennsylvania Real Estate Investment Trust (REIT)	491,621
	2,676	PennyMac Mortgage Investment Trust (REIT)	41,692
	5,374	PS Business Parks, Inc. (REIT)	610,325
	11,302	QTS Realty Trust, Inc. Class A (REIT)	597,311
	27,703	Western Asset Mortgage Capital Corp. (REIT)(a)	288,665
			8,156,954
	Retailing – 4.9%
	21,746	Aaron’s, Inc.	552,783
	8,330	Abercrombie & Fitch Co. Class A	132,364
	32,913	American Eagle Outfitters, Inc.	587,826
	5,103	Caleres, Inc.	129,055
	3,669	Chico’s FAS, Inc.	43,661
	2,041	Francesca’s Holdings Corp.*	31,493
	9,382	FTD Companies, Inc.*	192,988
	7,673	Group 1 Automotive, Inc.	490,151
	26,996	Liberty TripAdvisor Holdings, Inc. Class A*	589,863
	9,172	Pier 1 Imports, Inc.(a)	38,889
	20,008	Rent-A-Center, Inc.	252,901
	13,761	Select Comfort Corp.*	297,237
	9,512	Shutterfly, Inc.*	424,616
	15,126	The Cato Corp. Class A	497,494
	1,195	The Children’s Place, Inc.	95,445

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	13,327	The Finish Line, Inc. Class A	$     307,587
			4,664,353
	Semiconductors & Semiconductor Equipment – 3.5%
	8,003	Advanced Energy Industries, Inc.*	378,702
	5,054	Cabot Microelectronics Corp.	267,407
	2,106	Cavium, Inc.*	122,569
	1,780	Cirrus Logic, Inc.*	94,607
	5,559	Entegris, Inc.*	96,838
	23,645	MaxLinear, Inc. Class A*	479,284
	54,667	Photronics, Inc.*	563,617
	3,287	Power Integrations, Inc.	207,180
	2,499	Semtech Corp.*	69,297
	7,106	Silicon Laboratories, Inc.*	417,833
	6,307	Synaptics, Inc.*	369,464
	6,114	Tessera Technologies, Inc.	235,022
			3,301,820
	Software & Services – 6.3%
	31,756	Bankrate, Inc.*	269,291
	9,457	Bottomline Technologies de, Inc.*	220,443
	9,588	CommVault Systems, Inc.*	509,410
	5,601	Cornerstone OnDemand, Inc.*	257,366
	10,279	CSG Systems International, Inc.	424,831
	86,569	EarthLink Holdings Corp.	536,728
	2,580	Fair Isaac Corp.	321,442
	674	j2 Global, Inc.	44,895
	973	LogMeIn, Inc.	87,950
	14,322	ManTech International Corp. Class A	539,796
	19,803	Marchex, Inc. Class B*	54,854
	23,322	Mentor Graphics Corp.	616,634
	3,219	MicroStrategy, Inc. Class A*	538,989
	13,677	NIC, Inc.	321,410
	15,377	Progress Software Corp.*	418,254
	7,763	QAD, Inc. Class A	173,736
	5,269	Qualys, Inc.*	201,223
	3,873	RingCentral, Inc. Class A*	91,635
	5,260	Synchronoss Technologies, Inc.*	216,607
	3,896	TiVo Corp.*	75,894
	4,525	Travelport Worldwide Ltd.	68,011
			5,989,399
	Technology Hardware & Equipment – 6.1%
	11,473	AVX Corp.	158,213
	3,325	Belden, Inc.	229,392
	24,723	Benchmark Electronics, Inc.*	616,839
	8,863	Calix, Inc.*	65,143
	13,623	Cray, Inc.*	320,685
	18,203	Finisar Corp.*	542,449
	9,172	II-VI, Inc.*	223,155
	12,106	Insight Enterprises, Inc.*	394,050
	7,509	InterDigital, Inc.	594,713
	1,924	Itron, Inc.*	107,282
	7,475	Ixia*	93,437
	17,149	Kimball Electronics, Inc.*	237,685
	2,620	MTS Systems Corp.	120,599
	11,246	NETGEAR, Inc.*	680,270
	2,984	Rogers Corp.*	182,263
	5,805	ShoreTel, Inc.*	46,440
	15,781	Super Micro Computer, Inc.*	368,802
	28,422	TTM Technologies, Inc.*	325,432
	64,494	Viavi Solutions, Inc.*	476,611
			5,783,460

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares	Description	Value
Common Stocks – (continued)
Telecommunication Services – 0.6%
3,968	Cogent Communications Holdings, Inc.	$     146,062
8,539	General Communication, Inc. Class A*	117,411
9,976	Spok Holdings, Inc.	177,773
19,856	Vonage Holdings Corp.*	131,248
		572,494
Transportation – 1.5%
1,745	Allegiant Travel Co.	230,462
6,581	ArcBest Corp.	125,171
13,564	Hawaiian Holdings, Inc.*	659,210
17,234	SkyWest, Inc.	455,150
		1,469,993
Utilities – 2.7%
10,887	ALLETE, Inc.	649,083
630	Northwest Natural Gas Co.	37,869
4,823	ONE Gas, Inc.	298,254
10,977	Ormat Technologies, Inc.	531,397
9,877	Portland General Electric Co.	420,661
9,096	Southwest Gas Corp.	635,447
		2,572,711
TOTAL COMMON STOCKS (Cost $83,914,230)		$92,113,845
Units	Description	Value
Right* – 0.0%
Pharmaceuticals, Biotechnology & Life Sciences – 0.0%
1,561	Shire PLC	$         2,364
(Cost $0)
Shares	Distribution Rate	Value
Investment Company(c)(d) – 0.7%
Goldman Sachs Financial Square Government Fund — Institutional Shares
628,249	0.312%	$     628,249
(Cost $628,249)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $84,542,479)		$92,744,458
Securities Lending Reinvestment Vehicle(c)(d) – 1.4%
Goldman Sachs Financial Square Money Market Fund — Institutional Shares
1,340,072	0.479%	$  1,340,072
(Cost $1,340,072)
TOTAL INVESTMENTS – 99.2% (Cost $85,882,551)		$94,084,530
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%		724,968
NET ASSETS – 100.0%		$94,809,498

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)	Represents an affiliated issuer.
(d)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2016.

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 SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2016, 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 2016	$	1,747,620	$	55,656

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	85,998,432
Gross unrealized gain		12,338,822
Gross unrealized loss		(4,252,724	)
Net unrealized security gain	$	8,086,098

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, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.7%
	Banks – 0.6%
	34,650	First Republic Bank	$    2,671,862
	Capital Goods – 9.2%
	55,651	3M Co.	9,807,376
	57,904	Fortive Corp.	2,947,314
	111,651	Fortune Brands Home & Security, Inc.	6,486,923
	89,680	Honeywell International, Inc.	10,455,791
	11,148	Northrop Grumman Corp.	2,385,114
	19,861	Roper Technologies, Inc.	3,624,037
	18,670	The Boeing Co.	2,459,586
	118,543	Xylem, Inc.	6,217,580
			44,383,721
	Consumer Durables & Apparel – 3.9%
	154,712	Kate Spade & Co.*	2,650,216
	92,933	Newell Brands, Inc.	4,893,852
	162,809	NIKE, Inc. Class B	8,571,894
	25,418	PVH Corp.	2,808,689
			18,924,651
	Consumer Services – 3.1%
	10,038	Chipotle Mexican Grill, Inc.*	4,251,093
	93,453	McDonald’s Corp.	10,780,738
			15,031,831
	Diversified Financials – 1.5%
	27,665	Intercontinental Exchange, Inc.	7,451,844
	Energy – 1.0%
	110,716	Halliburton Co.	4,968,934
	Food & Staples Retailing – 4.2%
	79,611	Costco Wholesale Corp.	12,141,474
	76,712	Walgreens Boots Alliance, Inc.	6,184,521
	68,055	Whole Foods Market, Inc.	1,929,359
			20,255,354
	Food, Beverage & Tobacco – 4.7%
	25,053	McCormick & Co., Inc.	2,503,296
	57,597	Molson Coors Brewing Co. Class B	6,324,151
	27,816	Philip Morris International, Inc.	2,704,271
	128,417	Reynolds American, Inc.	6,054,862
	125,660	The Coca-Cola Co.	5,317,931
			22,904,511
	Health Care Equipment & Services – 8.3%
	189,518	Abbott Laboratories	8,014,716
	30,325	Aetna, Inc.	3,501,021
	200,756	Boston Scientific Corp.*	4,777,993
	97,813	Cerner Corp.*	6,039,953
	90,712	Danaher Corp.	7,110,914
	27,153	McKesson Corp.	4,527,763
	51,777	Stryker Corp.	6,027,360
			39,999,720
	Materials – 2.4%
	28,029	Ashland Global Holdings, Inc.	3,249,963
	24,037	The Sherwin-Williams Co.	6,650,076
	76,639	Valvoline, Inc.*	1,800,250
			11,700,289

Shares		Description	Value
	Common Stocks – (continued)
	Media – 3.7%
	197,452	Comcast Corp. Class A	$  13,098,965
	52,495	The Walt Disney Co.	4,874,686
			17,973,651
	Pharmaceuticals, Biotechnology & Life Sciences – 9.2%
	70,703	Agilent Technologies, Inc.	3,329,404
	48,876	Alexion Pharmaceuticals, Inc.*	5,989,265
	38,490	Allergan PLC*	8,864,632
	45,989	Celgene Corp.*	4,807,230
	111,939	Eli Lilly & Co.	8,984,224
	44,647	Gilead Sciences, Inc.	3,532,471
	50,456	Vertex Pharmaceuticals, Inc.*	4,400,268
	85,209	Zoetis, Inc.	4,431,720
			44,339,214
	Real Estate Investment Trusts – 4.7%
	110,118	American Tower Corp.	12,479,673
	28,638	Equinix, Inc.	10,316,839
			22,796,512
	Retailing – 9.6%
	23,631	Amazon.com, Inc.*	19,786,473
	47,964	Netflix, Inc.*	4,726,852
	127,857	Ross Stores, Inc.	8,221,205
	58,170	The Home Depot, Inc.	7,485,315
	4,257	The Priceline Group, Inc.*	6,264,133
			46,483,978
	Semiconductors & Semiconductor Equipment – 1.3%
	63,958	NXP Semiconductors NV*	6,524,356
	Software & Services – 24.0%
	22,387	Adobe Systems, Inc.*	2,429,885
	19,088	Alphabet, Inc. Class A*	15,347,897
	14,510	Alphabet, Inc. Class C*	11,278,478
	84,260	Electronic Arts, Inc.*	7,195,804
	148,694	Facebook, Inc. Class A*	19,072,979
	72,151	Fidelity National Information Services, Inc.	5,557,792
	30,657	FleetCor Technologies, Inc.*	5,326,041
	61,715	Intuit, Inc.	6,789,267
	110,082	MasterCard, Inc. Class A	11,203,045
	297,041	Microsoft Corp.	17,109,562
	58,203	Mobileye NV*	2,477,702
	172,901	Oracle Corp.	6,791,551
	77,264	salesforce.com, Inc.*	5,511,241
			116,091,244
	Technology Hardware & Equipment – 7.3%
	311,689	Apple, Inc.	35,236,442
	Transportation – 1.0%
	49,711	Kansas City Southern	4,639,031
	TOTAL COMMON STOCKS (Cost $368,195,377)		$482,377,145

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares	Distribution Rate	Value
Investment Company(a)(b) – 0.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
853	0.312%	$              853
(Cost $853)
TOTAL INVESTMENTS – 99.7% (Cost $368,196,230)		$482,377,998
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%		1,317,186
NET ASSETS – 100.0%		$483,695,184

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)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2016.
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, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	370,095,337
Gross unrealized gain		119,329,430
Gross unrealized loss		(7,046,769	)
Net unrealized security gain	$	112,282,661

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, 2016 (Unaudited)

Shares		Description	Value
Common Stock – 0.2%
Energy – 0.2%
	5,847	Magnum Hunter Resources Corp.*	$       71,860
(Cost $58,340)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 4.4%
Airlines – 0.2%
Air Canada(a)(b)
$	20,000		6.750	%	10/01/19	$       20,669
Continental Airlines Pass-Through Certificates Series 2012-3, Class C
	50,000		6.125		04/29/18	52,500
						73,169
Automobiles & Components(a)(b) – 0.4%
IHO Verwaltungs GmbH
EUR	100,000		2.750		09/15/21	112,320
Banks – 0.3%(a)(b)(c)
PNC Preferred Funding Trust II
$	100,000		2.073		03/29/49	95,500
Consumer Services – 0.2%
MGM Resorts International
	50,000		8.625		02/01/19	56,438
Containers & Packaging(a)(b) – 0.7%
ARD Finance SA
EUR	200,000		6.625		09/15/23	215,964
Energy – 1.1%
Laredo Petroleum, Inc.(a)
$	25,000		5.625		01/15/22	24,250
Petrobras Global Finance BV
	20,000		4.875		03/17/20	20,088
	30,000		8.375		05/23/21	32,732
Petroleos de Venezuela SA
	10,000		9.000		11/17/21	5,651
	70,000		6.000		05/16/24	29,400
	70,000		6.000		11/15/26	29,393
Petroleos Mexicanos
	80,000		4.500		01/23/26	77,616
	40,000		6.875		08/04/26	45,100
	10,000		5.500		06/27/44	8,571
	10,000		6.375		01/23/45	9,600
	50,000		6.750	(b)	09/21/47	50,000
						332,401
Food & Beverage – 0.2%
Constellation Brands, Inc.
	50,000		7.250		05/15/17	51,750
Noncaptive-Financial(a) – 0.2%
Nationstar Mortgage LLC/Nationstar Capital Corp.
	50,000		6.500		08/01/18	50,812
Speedy Cash Intermediate Holdings Corp.(b)
	25,000		10.750		05/15/18	17,750
						68,562

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines(c) – 0.6%
Enterprise Products Operating LLC Series A(a)
$	75,000		4.465	%	08/01/66	$       70,695
Sabine Pass LNG LP
	100,000		7.500		11/30/16	100,750
						171,445
Wireless Telecommunications – 0.3%
Sprint Communications, Inc.
	50,000		9.125		03/01/17	51,250
T-Mobile USA, Inc.(a)
	50,000		6.250		04/01/21	52,250
						103,500
Wirelines Telecommunications(a) – 0.2%
Windstream Services LLC
	50,000		7.750		10/15/20	50,875
TOTAL CORPORATE OBLIGATIONS (Cost $1,323,740)						$  1,331,924
Mortgage-Backed Obligations – 11.8%
Adjustable Rate Non-Agency (c) – 1.3%
Alternative Loan Trust Series 2005-51, Class 2A1(a)
$	49,203		0.832	%	11/20/35	$       39,961
Alternative Loan Trust Series 2006-HY11, Class A1(a)
	59,070		0.645		06/25/36	47,255
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA3, Class A1
	38,576		0.665		07/25/47	33,224
HomeBanc Mortgage Trust Series 2006-1, Class 3A2(a)
	108,507		2.730		04/25/37	73,124
IndyMac INDA Mortgage Loan Trust Series 2006-AR2, Class 1A1(a)
	54,145		3.348		09/25/36	47,006
JP Morgan Alternative Loan Trust Series 2006-A5, Class 1A1(a)
	43,661		0.685		10/25/36	38,119
Lehman XS Trust Series 2005-7N, Class 1A1A(a)
	46,984		0.795		12/25/35	42,012
Lehman XS Trust Series 2006-14N, Class 1A1A(a)
	75,735		0.715		09/25/46	66,005
						386,706
Collateralized Mortgage Obligations – 9.9%
Agency Multi-Family – 3.2%
FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
$	400,000		2.373	%	05/25/22	$     415,318
FHLMC Multifamily Structured Pass-Through Certificates Series K029, Class A2(c)
	500,000		3.320		02/25/23	545,905
						961,223
Interest Only(d) – 4.1%
FHLMC Series 2014-4314, Class SE(a)
	1,121,991		5.526		03/15/44	190,118
FHLMC Series 2014-4320, Class SD(a)
	98,977		5.576		07/15/39	17,706

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(d) – (continued)
FHLMC Series 2016-4583, Class ST(a)
$	61,342		5.476	%	05/15/46	$     190,220
FNMA Series 2011-124, Class SC
	510,586		6.026		12/25/41	94,968
FNMA Series 2013-121, Class SA
	826,368		5.575		12/25/43	153,420
FNMA Series 2014-87, Class MS
	457,046		5.725		01/25/45	86,370
FNMA Series 2015-81, Class SA
	341,438		5.175		11/25/45	54,624
GNMA Series 2010-101, Class S(a)
	791,378		5.468		08/20/40	131,839
GNMA Series 2010-20, Class SE(a)
	436,369		5.718		02/20/40	73,407
GNMA Series 2010-31, Class SA(a)
	136,783		5.218		03/20/40	20,990
GNMA Series 2013-152, Class SG(a)
	112,389		5.618		06/20/43	18,691
GNMA Series 2013-181, Class SA(a)
	465,915		5.568		11/20/43	77,825
GNMA Series 2015-110, Class MS(a)
	512,567		5.178		08/20/45	72,793
GNMA Series 2015-159, Class HS(a)
	380,159		5.668		11/20/45	58,426
						1,241,397
Regular Floater(a)(c) – 2.5%
Alternative Loan Trust Series 2005-36, Class 2A1A
	71,135		0.835		08/25/35	52,235
Connecticut Avenue Securities Series 2014-C03, Class 1M1
	7,622		1.725		07/25/24	7,639
GreenPoint Mortgage Funding Trust Series 2006-AR1, Class A1A
	395,580		0.815		02/25/36	337,719
Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A
	155,372		0.695		11/25/36	64,972
Mortgage Repurchase Agreement Financing Trust Series 2016-1, Class A(b)
	150,000		1.618		09/10/18	150,000
Mortgage Repurchase Agreement Financing Trust Series 2016-2, Class A(b)
	150,000		1.818		03/10/19	150,000
						762,565
Sequential Fixed Rate(a) – 0.1%
Alternative Loan Trust Series 2007-J2, Class 1A1
	73,301		6.500		07/25/37	33,884
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  2,999,069
Federal Agency – 0.6%
FNMA – 0.6%
$	148,454		6.000	%	09/01/36	$     170,647
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $3,456,385)						$  3,556,422

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures(c) – 6.6%
FHLB
$	2,000,000		0.654	%	10/27/17	$  2,003,602
TOTAL AGENCY DEBENTURES (Cost $2,000,000)						$  2,003,602
Asset-Backed Securities – 21.5%
Collateralized Loan Obligations(b)(c) – 15.1%
Aberdeen Loan Funding Ltd. Series 2008-1A, Class A(a)
$	10,268		1.407	%	11/01/18	$       10,267
Acis CLO Ltd. Series 2014-4A, Class ACOM(a)
	150,000		2.242		05/01/26	148,260
Anchorage Capital CLO IV Ltd. Series 2014-4A, Class A1A(a)
	250,000		2.193		07/28/26	250,005
Apidos CLO X Series 2012-10A, Class A(a)
	500,000		2.176		10/30/22	499,646
Crown Point CLO III Ltd. Series 2015-3A, Class ACOM(a)
	250,000		0.000		12/31/27	246,325
Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1(a)
	250,000		2.209		04/18/26	248,601
Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A(a)
	250,000		2.105		07/25/27	248,991
Hildene CLO II Ltd. Series 2014-2A, Class A(a)
	250,000		2.138		07/19/26	249,835
Madison Park Funding X Ltd. Series 2012-10A, Class A1A(a)
	250,000		2.066		01/20/25	249,989
MidOcean Credit CLO III Series 2014-3A, Class A(a)
	250,000		2.157		07/21/26	249,999
Monroe Capital BSL CLO Ltd. Series 2015-1A, Class ACOM
	200,000		2.364		05/22/27	199,620
Ocean Trails CLO IV Series 2013-4A, Class A(a)
	250,000		2.117		08/13/25	249,408
OCP CLO Ltd. Series 2015-8A, Class A1(a)
	250,000		2.209		04/17/27	250,052
OCP CLO Ltd. Series 2016-12A, Class A1(a)
	150,000		2.426		10/18/28	149,850
OFSI Fund VI Ltd. Series 2014-6A, Class A1(a)
	200,000		1.710		03/20/25	197,614
OFSI Fund VII Ltd. Series 2014-7A, Class ACOM
	100,000		0.000		10/18/26	99,460
Regatta IV Funding Ltd. Series 2014-1A, Class ACOM(a)
	250,000		0.000		07/25/26	249,100
Trinitas CLO II Ltd. Series 2014-2A, Class ACOM(a)
	250,000		0.000		07/15/26	245,575
Trinitas CLO III Ltd. Series 2015-3A, Class A2(a)
	150,000		2.190		07/15/27	149,939
Wasatch Ltd. Series 2006-1A, Class A1B
	225,395		1.057		11/14/22	220,534
Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class ACOM(a)
	150,000		0.000		07/16/27	148,665
						4,561,735

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
Home Equity(a) – 1.4%
Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH1, Class M3(c)
$	100,000		0.925	%	01/25/36	$       89,003
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF2(e)
	10,439		4.012		12/25/35	10,486
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF3(e)
	25,000		4.012		12/25/35	23,842
GSAMP Trust Series 2006-HE8, Class A2C(c)
	46,354		0.695		01/25/37	37,921
Lehman XS Trust Series 2007-3, Class 1BA2(c)
	46,769		1.745		03/25/37	36,252
Saxon Asset Securities Trust Series 2007-2, Class A2C(c)
	84,921		0.765		05/25/47	60,894
Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-NC2, Class M4(c)
	100,000		0.995		05/25/35	89,867
VOLT XXV LLC Series 2015-NPL8, Class A1(b)(e)
	72,249		3.500		06/26/45	72,337
						420,602
Student Loans(c) – 5.0%
Access Group, Inc. Series 2006-1, Class A2(a)
	10,754		0.935		08/25/23	10,716
Access Group, Inc. Series 2015-1, Class A(a)(b)
	79,225		1.225		07/25/56	77,479
Bank of America Student Loan Trust Series 2010-1A, Class A(a)(b)
	51,466		1.515		02/25/43	50,734
ECMC Group Student Loan Trust Series 2016-1A, Class A(a)(b)
	150,000		1.864		07/26/66	149,997
Navient Student Loan Trust Series 2016-5A, Class A(a)(b)
	296,254		1.775		06/25/65	296,255
PHEAA Student Loan Trust Series 2016-1A, Class A(a)(b)
	200,000		1.728		09/25/65	199,998
Scholar Funding Trust Series 2010-A, Class A(a)(b)
	55,077		1.493		10/28/41	53,982
SLM Student Loan Trust Series 2003-14, Class A5(a)
	31,676		0.945		01/25/23	31,544
SLM Student Loan Trust Series 2006-9, Class A4(a)
	1,016		0.785		10/25/22	1,016
SLM Student Loan Trust Series 2007-1, Class A5(a)
	247,452		0.805		01/26/26	243,511
SLM Student Loan Trust Series 2008-5, Class A4(a)
	91,470		2.415		07/25/23	91,699
SLM Student Loan Trust Series 2012-3, Class A(a)
	135,519		1.175		12/26/25	130,380
SunTrust Student Loan Trust Series 2006-1A, Class A4(a)(b)
	189,166		0.933		10/28/37	173,401
						1,510,712
TOTAL ASSET-BACKED SECURITIES (Cost $6,450,663)						$  6,493,049

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – 6.6%
Sovereign – 6.6%
Brazilian Government International Bond(f)
BRL	174,000		6.000	%	08/15/50	$     161,975
Dominican Republic International Bond
$	100,000		5.875		04/18/24	107,750
	100,000		5.500		01/27/25	106,000
Indonesia Government International Bond
	200,000		4.125		01/15/25	213,454
Mexico Government International Bond Series M
MXN	1,560,200		7.750		11/23/34	91,473
Mexico Government International Bond Series M 10
	644,300		7.750		12/14/17	34,277
United Kingdom Gilt
GBP	600,000		4.250		03/07/36	1,162,188
Venezuela Government International Bond
$	10,000		12.750		08/23/22	6,400
	70,000		8.250		10/13/24	34,650
	110,000		9.250		05/07/28	56,650
	20,000		9.375		01/13/34	10,325
						1,985,142
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $1,985,722)						$  1,985,142
Municipal Debt Obligations(a) – 1.5%
Puerto Rico – 1.5%
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A
$	5,000		6.000	%	07/01/44	$         3,837
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A
	10,000		5.500		07/01/28	7,650
	5,000		5.000		07/01/33	3,750
	5,000		5.125		07/01/37	3,750
	10,000		5.750		07/01/37	7,650
	5,000		5.250		07/01/42	3,775
Puerto Rico Commonwealth GO Bonds Series 2014 A(f)
	100,000		8.000		07/01/35	65,375
Puerto Rico Commonwealth GO Refunding for Public Improvement Series 2008 A(f)
	20,000		5.500		07/01/32	12,375
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A
	15,000		5.500		08/01/28	7,913
	25,000		6.000		08/01/42	13,315
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A
	15,000		5.500		08/01/37	7,912
	155,000		5.375		08/01/39	81,375
	115,000		5.500		08/01/42	60,663
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C
	10,000		5.375		08/01/38	5,250
	55,000		6.000		08/01/39	29,293
	105,000		5.250		08/01/41	55,125
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2011 A-1
	170,000		5.000		08/01/43	88,400

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations(a) – (continued)
Puerto Rico – (continued)
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A
$	15,000		6.750	%	08/01/32	$         8,400
						465,808
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $512,802)						$     465,808
Bank Loan Obligations(a)(c)(f)(g) – 0.6%
Energy – 0.0%
American Energy - Marcellus, LLC
$	25,000		5.250	%	08/04/20	$       13,641
Magnum Hunter Resources Corp.
	8,618		16.000		04/15/19	8,359
						22,000
Entertainment – 0.2%(h)
Lions Gate Entertainment Corp.
	11,000		0.000		05/02/17	11,000
	39,000		0.000		08/02/17	39,000
						50,000
Healthcare – 0.1%
Valeant Pharmaceuticals International, Inc.
	24,517		5.000		02/13/19	24,529
Media – 0.2%
Checkout Holding Corp.
	25,000		7.750		04/11/22	17,958
Getty Images, Inc.
	57,813		4.750		10/18/19	48,225
						66,183
Technology – 0.1% (c)
BMC Software Finance, Inc.
	23,955		5.000		09/10/20	23,068
TOTAL BANK LOAN OBLIGATIONS (Cost $199,796)						$     185,780
U.S. Treasury Obligations – 41.9%
United States Treasury Bill(i)
$	6,500,000		0.000	%	10/06/16	$  6,499,910
United States Treasury Bonds
	300,000		3.625		08/15/43	382,257
	100,000		3.750		11/15/43	130,261
	190,000		3.625		02/15/44	242,148
	50,000		3.000		05/15/45	57,046
	130,000		2.875		08/15/45	144,894
	90,000		2.250		08/15/46	88,404
United States Treasury Inflation-Protected Securities
	513,500		0.125		04/15/19	522,568
	102,761		0.125		04/15/20	104,816
	312,771		0.125		01/15/23	317,951
	155,111		0.375		07/15/23	160,806
	364,853		0.125		07/15/24	370,326
	507,385		0.375		07/15/25	524,113
	55,670		2.125		02/15/40	74,223

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Notes
$	200,000		0.875	%	11/30/17	$     200,402
	200,000		1.000		12/31/17	200,700
	200,000		1.750		09/30/19	205,000
	600,000		1.500		11/30/19	610,530
	400,000		1.625		12/31/19	408,620
	800,000		1.375		04/30/21	808,480
	600,000		1.375		09/30/23	597,702
TOTAL U.S. TREASURY OBLIGATIONS (Cost $12,509,287)						$12,651,157
Shares		Distribution Rate				Value
Investment Company(c)(j) – 1.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
	397,445		0.312%			$     397,445
(Cost $397,445)
TOTAL INVESTMENTS – 96.4% (Cost $28,893,401)						$29,142,189
OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.6%						1,090,376
NET ASSETS – 100.0%						$30,232,565

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)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed 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 $6,448,121, which represents approximately 21.3% of net assets as of September 30, 2016.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2016.
(d)	Inverse floating rate security. Interest rate disclosed is that which is in effect on September 30, 2016.
(e)	Step Bond. Coupon rate is fixed for an initial period then it resets at a specified date and rate.
(f)	Security is currently in default.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

(g)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the loan facility on September 30, 2016. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”) and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(h)	Zero coupon until next reset date.
(i)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(j)	Represents an affiliated issuer.

Investment Abbreviations:
BA	— Banker Acceptance Rate
BBR	— Bank Bill Reference Rate
CD KSDA	— Certificates of Deposit by the Korean Securities Dealers Association
CDI	— Average One-Day Interbank Deposit
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
NIBOR	— Norwegian Interbank Offered Rate
RB	— Revenue Bond
STIBOR	— Stockholm Interbank Offered Rate
TIIE	— Interbank Equilibrium Interest Rate
WIBOR	— Warsaw InterBank Offered Rate
Currency Abbreviations:
ARS	— Argentina Peso
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CNH	— Chinese Renminbi
COP	— Colombian Peso
CZK	— Czech Koruna
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
PEN	— Peru Nuevo Sol
PHP	— Philippines Peso
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
SGD	— Singapore Dollar
THB	— Thailand Baht
TRY	— Turkish Lira
TWD	— Taiwan Dollar
USD	— United States Dollar
ZAR	— South African Rand
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, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2016, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Current Value		Unrealized Gain
Bank of America, N.A.	CAD	80,441	USD	61,000	12/21/16	$	61,350	$	350
	CZK	1,428,748	EUR	53,000	06/21/17		60,469		197
	JPY	12,824,939	USD	125,669	12/21/16		126,927		1,258
	KRW	67,549,875	USD	61,000	10/28/16		61,303		303
	NZD	83,614	AUD	79,000	12/21/16		60,697		343
	PLN	503,520	EUR	116,468	12/21/16		131,480		159
	USD	122,000	BRL	395,464	10/04/16		121,601		399
	USD	61,000	CAD	79,332	12/21/16		60,504		496
Barclays Bank PLC	AUD	81,000	USD	60,771	12/21/16		61,882		1,111
	IDR	3,053,760,267	USD	228,695	10/27/16		233,982		5,287
	IDR	2,084,781,620	USD	157,461	11/10/16		159,461		2,000
BNP Paribas SA	ARS	395,832	USD	24,662	11/22/16		25,121		459
	EUR	26,000	PLN	111,976	12/21/16		29,316		76
	KRW	68,411,235	USD	61,663	10/26/16		62,085		422
	PEN	195,762	USD	57,641	10/12/16		57,813		172
	PLN	233,000	HUF	16,593,577	12/21/16		60,841		290
	PLN	1,270,788	USD	327,497	12/21/16		331,830		4,333
	USD	294,322	TRY	891,120	12/21/16		292,264		2,058
Citibank, N.A.	ARS	359,490	USD	23,000	10/05/16		23,415		415
	AUD	475,320	USD	354,479	12/21/16		363,131		8,652
	BRL	200,236	USD	61,000	11/03/16		61,030		30
	CZK	2,864,120	EUR	106,275	06/21/17		121,217		362
	GBP	51,893	EUR	59,630	12/21/16		67,374		140
	INR	8,006,165	USD	119,046	10/26/16		119,852		806
	JPY	20,822,037	USD	203,734	10/06/16		205,352		1,618
	JPY	18,521,761	USD	183,000	12/21/16		183,306		306
	NZD	102,858	USD	74,426	11/17/16		74,760		334
	RUB	3,931,969	USD	61,000	10/11/16		62,507		1,507
	RUB	6,890,163	USD	105,182	10/27/16		109,100		3,918
	RUB	4,071,661	USD	61,985	11/17/16		64,131		2,146
	TWD	1,829,940	USD	58,312	10/07/16		58,428		116
	USD	338,666	KRW	369,585,921	10/20/16		335,430		3,236
	USD	122,839	MXN	2,249,743	10/13/16		115,906		6,933
	ZAR	335,741	USD	24,000	12/21/16		24,090		90
Deutsche Bank AG	ARS	390,303	USD	24,470	11/29/16		24,678		208
	CAD	80,072	USD	61,000	12/21/16		61,069		69
	CNH	2,039,700	USD	303,000	12/21/16		304,156		1,156
	COP	70,476,000	USD	24,000	10/31/16		24,310		310
	EUR	28,253	PLN	121,743	12/21/16		31,856		66
	IDR	1,039,680,323	USD	78,526	11/08/16		79,544		1,018
	KRW	135,896,310	USD	121,000	10/04/16		123,391		2,391
	KRW	136,660,130	USD	122,000	10/20/16		124,030		2,030
	PLN	807,746	EUR	184,424	12/21/16		210,920		2,977
	THB	436,475	USD	12,593	10/20/16		12,594		1
	TWD	1,236,559	USD	39,000	10/24/16		39,569		569
	USD	123,959	KRW	135,896,310	10/04/16		123,391		568
JPMorgan Chase Bank, N.A.	ARS	353,607	USD	22,163	11/18/16		22,489		326
	CNH	411,444	USD	61,000	12/21/16		61,354		354
	INR	3,980,736	USD	59,000	10/27/16		59,583		583
	INR	4,094,003	USD	61,000	11/03/16		61,219		219
	KRW	67,456,545	USD	61,000	10/04/16		61,249		249

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Current Value		Unrealized Gain
JPMorgan Chase Bank, N.A. (continued)	USD	23,515	ARS	359,490	10/05/16	$	23,415	$	100
	USD	61,000	JPY	6,117,202	12/21/16		60,541		459
	USD	61,531	KRW	67,456,545	10/04/16		61,249		282
	USD	61,000	ZAR	843,742	12/21/16		60,540		460
	ZAR	341,940	USD	24,000	12/21/16		24,535		535
Morgan Stanley Co., Inc.	AUD	158,000	NZD	163,642	12/21/16		120,708		1,918
	AUD	160,000	USD	120,751	12/21/16		122,236		1,485
	BRL	989,987	USD	301,331	10/04/16		304,409		3,078
	BRL	107,426	USD	31,904	11/03/16		32,743		839
	EUR	54,000	CHF	58,633	12/21/16		60,886		236
	HUF	17,090,535	EUR	55,000	12/21/16		62,365		351
	IDR	775,708,400	USD	58,088	10/27/16		59,435		1,347
	KRW	67,862,500	USD	61,000	10/19/16		61,591		591
	MYR	436,586	USD	105,354	11/18/16		105,666		312
	NZD	84,000	USD	60,697	12/21/16		60,977		280
	RUB	3,934,677	USD	60,773	10/27/16		62,303		1,530
	USD	427,604	BRL	1,382,351	10/04/16		425,057		2,547
	USD	61,000	CAD	78,781	12/21/16		60,083		917
	USD	1,230,384	GBP	925,522	11/16/16		1,200,628		29,756
	USD	231,749	GBP	175,257	12/21/16		227,540		4,209
	USD	60,569	NZD	83,000	12/21/16		60,251		318
	USD	101,440	TWD	3,142,618	10/24/16		100,561		879
	ZAR	3,858,572	USD	265,187	12/21/16		276,860		11,673
Royal Bank of Canada	BRL	199,772	USD	61,000	10/04/16		61,428		428
	CAD	79,986	USD	61,000	12/21/16		61,003		3
	USD	61,000	BRL	198,285	11/03/16		60,435		565
	USD	61,000	CAD	79,264	12/21/16		60,452		548
	USD	60,922	EUR	54,000	12/21/16		60,887		35
	USD	106,872	GBP	80,656	12/21/16		104,717		2,155
	USD	105,037	SGD	143,155	12/21/16		105,008		29
Royal Bank of Scotland	ARS	404,874	USD	25,531	11/18/16		25,749		218
	ARS	204,302	USD	12,753	11/22/16		12,966		213
	MXN	1,193,369	USD	61,000	12/21/16		61,005		5
	NZD	84,000	USD	60,658	12/21/16		60,976		318
	USD	61,000	MXN	1,127,975	12/21/16		57,662		3,338
State Street Bank	CAD	159,425	USD	120,864	12/21/16		121,588		724
	EUR	10,370	CZK	277,211	06/21/17		11,793		60
	NOK	1,993,016	EUR	214,321	12/21/16		249,350		7,698
	USD	61,000	CAD	79,853	12/21/16		60,901		99
	USD	100,149	EUR	88,952	11/10/16		100,098		51
	USD	488,290	NZD	671,272	12/21/16		487,286		1,004
	USD	157,064	SEK	1,328,611	11/09/16		155,157		1,907
UBS AG	CHF	59,143	USD	61,000	12/21/16		61,177		177
	COP	98,702,000	USD	34,000	11/04/16		34,020		20
	COP	37,403,710	USD	12,543	11/10/16		12,879		336
	CZK	1,427,820	EUR	53,000	06/21/17		60,429		158
	INR	4,106,441	USD	61,000	10/26/16		61,474		474
	JPY	6,180,062	USD	61,000	12/21/16		61,163		163
	NOK	213,606	EUR	22,906	12/21/16		26,725		897
	PLN	234,214	EUR	54,000	12/21/16		61,158		272
	PLN	1,268,416	USD	328,716	12/21/16		331,211		2,495
	RUB	11,283,281	USD	171,890	10/21/16		178,929		7,039
	TWD	1,829,940	USD	58,437	10/21/16		58,542		105
	USD	61,000	CHF	58,619	12/21/16		60,636		364
	USD	61,000	JPY	6,135,434	12/21/16		60,721		279
Westpac Banking Corp.	AUD	78,000	NZD	80,872	12/21/16		59,590		884
	AUD	80,000	USD	60,271	12/21/16		61,118		847
	CNH	410,676	USD	61,000	12/21/16		61,239		239
	EUR	55,808	USD	62,734	11/10/16		62,801		67
	USD	235,528	AUD	308,000	11/18/16		235,480		48

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Current Value		Unrealized Gain
Westpac Banking Corp. (continued)		USD	126,982		CAD	164,000		10/26/16	$	125,027	$	1,955
		USD	414,453		CAD	542,545		12/21/16		413,781		672
		USD	999,311		EUR	886,028		11/10/16		997,056		2,255
		USD	52,000		IDR	675,064,000		10/31/16		51,700		300
		USD	403,632		SGD	549,114		12/21/16		402,791		841
TOTAL											$	167,803
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased			Currency Sold			Settlement Date		Current Value		Unrealized Loss
Bank of America, N.A.		JPY	29,021,257		USD	288,865		12/21/16	$	287,218	$	(1,647	)
		MXN	4,359,568		USD	226,62		12/21/16		222,861		(3,768	)
		TWD	2,494,447		USD	80,246		10/11/16		79,734		(512	)
		USD	254,815		BRL	860,000		11/03/16		262,119		(7,304	)
		USD	61,000		JPY	6,184,905		12/21/16		61,211		(211	)
		USD	364,328		SGD	497,472		12/21/16		364,911		(583	)
		USD	61,000		TWD	1,909,635		10/24/16		61,107		(107	)
		USD	359,081		TWD	11,339,776		11/01/16		363,103		(4,022	)
Barclays Bank PLC		GBP	46,000		USD	60,204		12/21/16		59,723		(481	)
		NZD	166,000		USD	121,085		12/21/16		120,502		(583	)
		PHP	5,521,217		USD	116,592		10/27/16		114,191		(2,401	)
		PHP	5,461,370		USD	113,862		11/18/16		112,769		(1,093	)
		SEK	3,604,177		EUR	378,258		12/21/16		421,845		(4,651	)
		USD	42,433		CAD	55,849		12/21/16		42,595		(162	)
		USD	277,760		SGD	378,690		12/21/16		277,781		(21	)
		USD	157,014		TWD	4,913,755		10/21/16		157,197		(183	)
		USD	193,000		ZAR	2,747,849		12/21/16		197,163		(4,163	)
BNP Paribas SA		ARS	367,250		USD	24,177		10/17/16		23,866		(311	)
		ARS	389,057		USD	25,680		10/18/16		25,263		(417	)
		ARS	1,058,865		USD	68,757		10/24/16		68,428		(329	)
		ARS	341,959		USD	21,871		11/29/16		21,622		(250	)
		ARS	214,267		USD	13,648		12/12/16		13,464		(184	)
		EUR	45,000		PLN	194,419		12/21/16		50,739		(28	)
		EUR	54,000		USD	60,892		12/21/16		60,886		(6	)
		KRW	68,411,235		USD	62,402		10/04/16		62,116		(286	)
		MXN	10,400,745		USD	537,088		12/21/16		531,687		(5,401	)
		SEK	2,760,512		EUR	290,352		12/21/16		323,100		(4,279	)
		SGD	165,720		USD	122,000		12/21/16		121,560		(440	)
		USD	133,548		HUF	36,887,333		12/21/16		134,606		(1,058	)
		USD	61,682		KRW	68,411,235		10/04/16		62,116		(434	)
		USD	156,452		KRW	172,930,994		10/19/16		156,950		(498	)
Citibank, N.A.		ARS	306,336		USD	19,892		10/18/16		19,892		0
		ARS	756,679		USD	48,849		10/28/16		48,742		(107	)
		ARS	148,609		USD	9,466		12/12/16		9,338		(128	)
		ARS	222,331		USD	14,001		12/23/16		13,900		(101	)
		COP	96,398,864		USD	33,245		11/03/16		33,231		(14	)
		EUR	54,000		NOK	494,997		12/21/16		60,886		(1,044	)
		EUR	253,984		USD	286,477		12/21/16		286,373		(104	)
		MYR	42,577		USD	10,632		10/20/16		10,314		(318	)
		SGD	82,967		USD	61,000		12/21/16		60,859		(141	)
		TRY	184,861		USD	61,000		12/21/16		60,630		(370	)
		USD	122,000		CAD	159,973		12/21/16		122,006		(6	)
		USD	227,622		JPY	23,263,463		10/06/16		229,429		(1,807	)
		USD	50,167		JPY	5,117,401		12/21/16		50,646		(479	)
		USD	84,115		KRW	95,428,730		10/21/16		86,608		(2,493	)
		USD	61,000		KRW	67,360,470		10/26/16		61,132		(132	)
		USD	65,122		NZD	90,000		11/17/16		65,414		(292	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Current Value		Unrealized Loss
Citibank, N.A. (continued)	USD	61,000	RUB	4,014,135	10/21/16	$	63,655	$	(2,655	)
	USD	98,958	TWD	3,131,520	10/24/16		100,206		(1,248	)
	USD	271,354	TWD	8,485,229	11/22/16		272,104		(750	)
Deutsche Bank AG	ARS	425,583	USD	27,281	11/22/16		27,009		(272	)
	BRL	195,923	USD	61,000	10/04/16		60,244		(756	)
	EUR	110,441	NOK	1,008,883	12/21/16		124,525		(1,699	)
	KRW	134,941,620	USD	123,088	10/04/16		122,524		(564	)
	MYR	436,586	USD	108,026	10/07/16		105,666		(2,360	)
	MYR	614,629	USD	149,352	11/09/16		148,795		(557	)
	NZD	84,115	AUD	80,000	12/21/16		61,060		(57	)
	PEN	206,187	USD	61,000	10/12/16		60,892		(108	)
	USD	61,000	ILS	229,787	12/21/16		61,448		(448	)
	USD	121,000	KRW	134,941,620	10/04/16		122,524		(1,524	)
	USD	60,824	KRW	68,194,140	10/21/16		61,892		(1,068	)
	USD	192,437	KRW	215,230,898	10/24/16		195,334		(2,897	)
JPMorgan Chase Bank, N.A.	ARS	359,490	USD	22,846	12/05/16		22,661		(185	)
	BRL	392,133	USD	121,496	10/04/16		120,577		(919	)
	EUR	54,000	JPY	6,176,854	12/21/16		60,886		(245	)
	MXN	1,150,437	USD	61,000	12/21/16		58,810		(2,190	)
	MYR	720,327	USD	178,312	10/20/16		174,496		(3,816	)
	PHP	5,703,500	USD	119,106	10/17/16		118,046		(1,060	)
	SEK	2,593,118	EUR	272,567	12/21/16		303,507		(3,819	)
	SGD	164,707	USD	121,000	12/21/16		120,818		(182	)
	TRY	184,007	USD	61,000	12/21/16		60,349		(651	)
	USD	108,664	EUR	96,579	11/10/16		108,681		(17	)
Morgan Stanley Co., Inc.	BRL	1,561,090	USD	477,212	11/03/16		475,804		(1,408	)
	CHF	58,779	EUR	54,000	12/21/16		60,801		(85	)
	EUR	151,689	USD	170,965	11/10/16		170,697		(268	)
	GBP	44,877	EUR	52,445	12/21/16		58,265		(868	)
	MXN	1,191,153	USD	61,000	12/21/16		60,892		(108	)
	MYR	404,920	USD	100,919	10/19/16		98,093		(2,826	)
	SEK	4,119,340	EUR	431,452	12/21/16		482,142		(4,332	)
	USD	49,416	CAD	64,981	12/21/16		49,559		(143	)
	USD	58,249	INR	3,931,820	10/27/16		58,851		(602	)
	USD	105,494	MYR	436,586	10/07/16		105,666		(172	)
	USD	61,000	RUB	3,958,839	10/11/16		62,934		(1,934	)
	USD	61,000	RUB	3,915,590	10/26/16		62,016		(1,016	)
	USD	61,000	RUB	3,919,177	10/27/16		62,057		(1,057	)
	USD	121,000	TWD	3,786,090	10/21/16		121,122		(122	)
	USD	332,279	TWD	10,372,762	11/22/16		332,633		(354	)
Royal Bank of Canada	CAD	237,998	USD	183,000	12/21/16		181,513		(1,487	)
Royal Bank of Scotland	ARS	964,954	USD	62,761	10/18/16		62,659		(102	)
	MXN	8,042,535	USD	429,087	12/21/16		411,136		(17,951	)
	TRY	182,704	USD	61,000	12/21/16		59,922		(1,078	)
	USD	122,000	MXN	2,407,473	12/21/16		123,071		(1,071	)
State Street Bank	CAD	79,802	USD	61,000	12/21/16		60,862		(138	)
	CZK	1,459,080	EUR	54,382	06/21/17		61,752		(91	)
	EUR	78,808	NOK	722,754	12/21/16		88,858		(1,567	)
	GBP	138,916	EUR	162,000	12/21/16		180,357		(2,302	)
	SEK	4,017,358	EUR	420,410	12/21/16		470,205		(3,818	)
	SEK	1,037,234	NOK	989,000	12/21/16		121,402		(2,335	)
	SEK	1,452,800	USD	171,745	11/09/16		169,660		(2,085	)
	USD	183,000	CAD	242,066	12/21/16		184,616		(1,616	)
	USD	112,042	EUR	99,998	11/10/16		112,529		(487	)
UBS AG	EUR	108,000	NOK	984,084	12/21/16		121,772		(1,348	)
	EUR	10,000	PLN	43,205	12/21/16		11,275		(7	)
	MXN	1,159,775	USD	61,000	12/21/16		59,288		(1,712	)
	MYR	40,497	USD	9,848	10/27/16		9,808		(40	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Current Value		Unrealized Loss
UBS AG (continued)	MYR	333,532	USD	82,025	11/09/16	$	80,744	$	(1,281	)
	PLN	232,858	EUR	54,000	12/21/16		60,804		(82	)
	SEK	3,112,531	EUR	325,658	12/21/16		364,301		(2,886	)
	USD	61,028	AUD	80,000	12/21/16		61,118		(90	)
	USD	162,776	KRW	180,420,710	10/19/16		163,748		(972	)
	USD	58,371	TWD	1,829,940	10/07/16		58,428		(57	)
	USD	97,466	TWD	3,079,928	11/10/16		98,685		(1,219	)
Westpac Banking Corp.	AUD	350,258	USD	267,842	11/18/16		267,788		(54	)
	CAD	155,999	USD	120,787	10/26/16		118,927		(1,860	)
	CNH	811,414	USD	121,000	12/21/16		120,996		(4	)
	EUR	662,977	USD	747,742	11/10/16		746,055		(1,687	)
	EUR	88,538	USD	99,851	12/21/16		99,829		(22	)
	JPY	11,446,867	USD	114,428	10/06/16		112,892		(1,536	)
	USD	159,843	CNH	1,075,106	12/21/16		160,317		(474	)
	USD	247,628	NZD	341,556	12/21/16		247,940		(312	)
TOTAL								$	(150,462	)

FUTURES CONTRACTS — At September 30, 2016, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
Long Gilt	(7)	December 2016	$	(1,181,765	)	$	10,253
U.S. Ultra Long Treasury Bonds	(5)	December 2016		(919,375	)		14,109
2 Year U.S. Treasury Notes	(27)	December 2016		(5,898,656	)		(1,796	)
5 Year U.S. Treasury Notes	(41)	December 2016		(4,982,141	)		(9,211	)
10 Year U.S. Treasury Notes	(17)	December 2016		(2,229,125	)		(5,521	)
10 Year U.S. Ultra Treasury Notes	(1)	December 2016		(144,156	)		155
TOTAL						$	7,989

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2016, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

								Market Value
Referenced Obligation	Notional Amount (000’s)		Rates Received (Paid)		Termination Date		Credit Spread on September 30, 2016	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
CDX North America High Yield Index	$	650		(5.000)%		12/20/21	0.000%	$	(27,306	)	$	(14	)
CDX North America Investment Grade Index		675		(1.000)		06/20/21	0.684		(9,048	)		(842	)
CDX North America High Yield Index		2,300		(5.000)		06/20/21	3.757		(40,785	)		(80,491	)
TOTAL								$	(77,139	)	$	(81,347	)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

										Market Value
Counterparty	Referenced Obligation		Notional Amount (000’s)		Rates Received (Paid)		Termination Date	Credit Spread on September 30, 2016		Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America, N.A.		People’s Republic of China, 4.250%, 10/28/27	$	210		(1.000)%	06/20/19		0.559%	$	(729	)	$	(1,830	)
		People’s Republic of China, 7.500%, 10/28/27		170		(1.000)	12/20/20		0.844		850			(1,990	)
		People’s Republic of China, 7.500%, 10/28/27		130		(1.000)	06/20/21		0.959		1,140			(1,421	)
Barclays Bank PLC		People’s Republic of China, 7.500%, 10/28/27		150		(1.000)	06/20/21		0.959		835			(1,159	)
Deutsche Bank AG		People’s Republic of China, 7.500%, 10/28/27		220		(1.000)	06/20/21		0.959		73			(550	)
JPMorgan Chase Bank, N.A.		People’s Republic of China, 4.250%, 10/28/27		1,250		(1.000)	06/20/19		0.559		(3,267	)		(11,967	)
		People’s Republic of China, 7.500%, 10/28/27		1,420		(1.000)	12/20/20		0.844		9,537			(19,059	)
		People’s Republic of China, 7.500%, 10/28/27		220		(1.000)	06/20/21		0.959		703			(1,179	)
UBS AG		People’s Republic of China, 7.500%, 10/28/27		220		(1.000)	06/20/21		0.959		997			(1,474	)
TOTAL										$	10,139		$	(40,629	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2016 (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)
	SEK	15,400			06/15/18	0.050%	3 Month STIBOR	$	13,746		$	2,575
		10,230			09/15/18	0.330	3 Month STIBOR		54			430
	EUR	9,960			09/21/18	3 Month EURIBOR	0.400%		8,409			3,990
	PLN	90			06/17/19	3.048	6 Month WIBOR		304			585
		90			06/17/19	6 Month WIBOR	3.045		0			(887	)
	GBP	860	(a)		12/21/19	0.353	3 Month LIBOR		174			1,510
	PLN	2,460			09/21/21	1.771	6 Month WIBOR		(3,132	)		(1,933	)
	CAD	10,100	(a)		12/21/21	1.000	3 Month BA		(14,047	)		20,673
	EUR	520	(a)		12/21/21	6 Month EURIBOR	0.250		(9,617	)		(1,591	)
	NOK	13,110	(a)		12/21/21	1.250	6 Month NIBOR		4,811			(4,958	)
	NZD	910	(a)		12/21/21	2.250	3 Month BBR		2,872			894
	SEK	17,390	(a)		12/21/21	3 Month STIBOR	0.100		(5,637	)		(5,813	)
	$	8,270	(a)		12/21/21	3 Month LIBOR	1.500		(103,169	)		(14,443	)
	EUR	110	(a)		08/16/24	0.250	6 Month EURIBOR		(35	)		7
	GBP	120	(a)		09/27/26	6 Month LIBOR	1.000		(250	)		847
	AUD	210	(a)		09/28/26	2.500	6 Month BBR		1,132			(120	)
		150	(a)		12/21/26	2.750	6 Month BBR		6,922			(650	)
	EUR	660	(a)		12/21/26	0.750	6 Month EURIBOR		25,920			7,249
	SEK	5,910	(a)		12/21/26	3 Month STIBOR	0.750		1,407			(6,227	)
	$	200	(a)		12/21/26	3 Month LIBOR	1.750		(3,754	)		(1,258	)
	MXN	5,270,000	(a)		03/03/27	6.000	1 Month TIIE		(8,487	)		(1,903	)
	GBP	600	(a)		07/08/36	6 Month LIBOR	1.400		3,739			(10,249	)
	JPY	20,830	(a)		12/21/36	6 Month LIBOR	0.500		1,108			(6,308	)
	GBP	470	(a)		12/21/46	6 Month LIBOR	1.750		(110,792	)		(6,346	)
	$	800	(a)		12/21/46	2.250	3 Month LIBOR		74,824			13,923
TOTAL								$	(113,498	)	$	(10,003	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2016.

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

				Rates Exchanged
Counterparty	Notional Amount (000’s)		Termination Date	Payments Received	Payments Made	Unrealized Gain (Loss)(b)
Bank of America, N.A.	BRL	3,396	01/02/17	15.530%	1 Day CDI	$	17,341
	KRW	290,710	11/04/17	2.060	3 Month CD KSDA		2,598
		320,830	08/06/24	3 Month CD KSDA	2.970%		(39,664	)
Deutsche Bank AG	KRW	142,230	10/06/17	2.245	3 Month CD KSDA		1,560
		209,280	10/15/17	2.253	3 Month CD KSDA		2,308
		173,640	11/04/17	2.075	3 Month CD KSDA		1,581
JP Morgan Chase Bank, N.A.	KRW	1,612,725	07/29/17	1.630	3 Month CD KSDA		4,936
TOTAL						$	(9,340	)

(b) There are no upfront payments on the swap contracts listed above, therefore the unrealized gains (losses) on the swap contracts are equal to their market value.

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	28,902,098
Gross unrealized gain		457,093
Gross unrealized loss		(217,002	)
Net unrealized security gain	$	240,091

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, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 95.4%
	Australia – 4.4%
	190,888	Australia & New Zealand Banking Group Ltd. (Banks)	$    4,066,211
	65,306	BHP Billiton PLC (Materials)	982,109
	213,233	Computershare Ltd. (Software & Services)	1,691,267
			6,739,587
	Austria – 1.3%
	62,672	ams AG (Semiconductors & Semiconductor Equipment)	2,036,400
	Belgium – 3.7%
	43,794	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)	5,759,255
	China – 0.6%
	486,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)	909,622
	Denmark – 2.7%
	62,389	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	2,600,293
	35,350	Novozymes A/S Class B (Materials)	1,559,143
			4,159,436
	France – 8.0%
	20,800	Air Liquide SA (Materials)	2,230,520
	57,092	Klepierre (REIT)	2,620,692
	26,161	Publicis Groupe SA (Media)	1,979,545
	54,369	Rexel SA (Capital Goods)	832,845
	32,372	Safran SA (Capital Goods)	2,328,263
	30,647	Vinci SA (Capital Goods)	2,346,898
			12,338,763
	Germany – 8.5%
	34,064	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	3,421,057
	39,448	Beiersdorf AG (Household & Personal Products)	3,723,619
	160,378	Commerzbank AG (Banks)	1,036,194
	35,701	GEA Group AG (Capital Goods)	1,984,869
	32,475	SAP SE (Software & Services)	2,969,916
			13,135,655
	Ireland – 5.3%
	9,498,054	Bank of Ireland (Banks)*	1,974,182
	41,081	Kerry Group PLC Class A (Food, Beverage & Tobacco)	3,421,522
	42,295	Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)	2,734,930
			8,130,634
	Italy – 5.3%
	375,641	Enav SpA (Transportation)*(a)	1,543,589
	599,820	Enel SpA (Utilities)	2,673,231

Shares		Description	Value
	Common Stocks – (continued)
	Italy – (continued)
	71,896	Moncler SpA (Consumer Durables & Apparel)	$    1,227,326
	2,295,502	Telecom Italia SpA (Telecommunication Services)*	1,907,336
	386,002	UniCredit SpA (Banks)	899,738
			8,251,220
	Japan – 22.0%
	15,100	Dentsu, Inc. (Media)	768,555
	17,100	East Japan Railway Co. (Transportation)	1,543,515
	80,900	HIS Co. Ltd. (Consumer Services)	2,117,882
	20,800	Hoshizaki Corp. (Capital Goods)	1,898,121
	66,400	Hoya Corp. (Health Care Equipment & Services)	2,671,128
	103,500	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	4,236,796
	57,400	Kao Corp. (Household & Personal Products)	3,245,283
	94,800	KDDI Corp. (Telecommunication Services)	2,937,095
	94,300	Kubota Corp. (Capital Goods)	1,427,279
	168,000	Mitsubishi Estate Co. Ltd. (Real Estate)	3,152,784
	28,900	Nidec Corp. (Capital Goods)	2,671,319
	172,000	ORIX Corp. (Diversified Financials)	2,537,457
	18,400	Pola Orbis Holdings, Inc. (Household & Personal Products)	1,647,111
	92,800	Sumitomo Mitsui Financial Group, Inc. (Banks)	3,134,748
			33,989,073
	Netherlands – 4.0%
	249,409	Royal Dutch Shell PLC Class A (Energy)	6,204,776
	Singapore – 1.7%
	227,538	DBS Group Holdings Ltd. (Banks)	2,581,840
	Spain – 4.4%
	335,496	Banco Bilbao Vizcaya Argentaria SA (Banks)	2,029,940
	766,618	Banco Popular Espanol SA (Banks)	948,816
	192,065	EDP Renovaveis SA (Utilities)	1,541,121
	330,670	Iberdrola SA (Utilities)	2,248,359
			6,768,236
	Sweden – 3.2%
	86,806	Hennes & Mauritz AB Class B (Retailing)	2,450,154
	81,339	Svenska Cellulosa AB SCA Class B (Household & Personal Products)	2,414,214
			4,864,368

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares	Description	Value
Common Stocks – (continued)
Switzerland – 9.2%
203,064	Credit Suisse Group AG (Registered) (Diversified Financials)*	$    2,668,796
57,513	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	4,538,945
6,167	Syngenta AG (Registered) (Materials)	2,700,791
128,097	UBS Group AG (Registered) (Diversified Financials)*	1,749,864
45,341	Wolseley PLC (Capital Goods)	2,550,093
		14,208,489
United Kingdom – 11.1%
274,524	Aviva PLC (Insurance)	1,566,455
185,245	BTG PLC (Pharmaceuticals, Biotechnology & Life Sciences)*	1,521,624
56,759	InterContinental Hotels Group PLC (Consumer Services)	2,339,327
153,520	Just Eat PLC (Software & Services)*	1,064,413
702,620	Melrose Industries PLC (Capital Goods)	1,588,054
473,096	Rentokil Initial PLC (Commercial & Professional Services)	1,359,765
34,705	Rio Tinto PLC (Materials)	1,153,463
216,925	UBM PLC (Media)	2,005,273
445,088	Virgin Money Holdings UK PLC (Banks)	1,794,226
980,108	Vodafone Group PLC (Telecommunication Services)	2,810,877
		17,203,477
TOTAL COMMON STOCKS (Cost $150,635,812)		$147,280,831
Shares	Distribution Rate	Value
Investment Company(b)(c) – 1.4%
Goldman Sachs Financial Square Government Fund — Institutional Shares
2,227,030	0.312%	$    2,227,030
(Cost $2,227,030)
Shares	Description	Value
Exchange Traded Fund – 1.5%
United States – 1.5%
185,342	iShares MSCI Japan Fund	$    2,324,189
(Cost $2,335,013)
TOTAL INVESTMENTS – 98.3% (Cost $155,197,855)		$151,832,050
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.7%		2,633,074
NET ASSETS – 100.0%		$154,465,124

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed 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 $1,543,589, which represents approximately 1.0% of net assets as of September 30, 2016.
(b)	Represents an affiliated issuer.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2016.

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 STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	155,648,107
Gross unrealized gain		14,967,581
Gross unrealized loss		(18,783,638	)
Net unrealized security loss	$	(3,816,057	)

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, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.0%
	Automobiles & Components – 1.0%
	13,380	Ford Motor Co.	$       161,496
	25,271	Lear Corp.	3,063,351
	9,338	Visteon Corp.	669,161
			3,894,008
	Banks – 3.7%
	164,927	Citizens Financial Group, Inc.	4,075,346
	74,687	JPMorgan Chase & Co.	4,973,407
	57,290	SunTrust Banks, Inc.	2,509,302
	12,926	The PNC Financial Services Group, Inc.	1,164,503
	8,052	Wells Fargo & Co.	356,543
	16,713	Western Alliance Bancorp*	627,406
			13,706,507
	Capital Goods – 6.9%
	7,123	AECOM Technology Corp.*	211,767
	24,990	AerCap Holdings NV*	961,865
	17,564	Allison Transmission Holdings, Inc.	503,736
	58,972	AMETEK, Inc.	2,817,682
	20,006	Eaton Corp. PLC	1,314,594
	54,566	General Electric Co.	1,616,245
	26,181	L-3 Communications Holdings, Inc.	3,946,262
	12,300	Northrop Grumman Corp.	2,631,585
	19,280	Owens Corning	1,029,359
	72,498	PACCAR, Inc.	4,261,432
	33,219	Raytheon Co.	4,522,103
	2,835	Stanley Black & Decker, Inc.	348,648
	1,746	United Rentals, Inc.*	137,044
	10,566	Watsco, Inc.	1,488,749
			25,791,071
	Commercial & Professional Services – 0.2%
	11,310	ManpowerGroup, Inc.	817,261
	Consumer Durables & Apparel – 1.7%
	51,495	D.R. Horton, Inc.	1,555,149
	94,515	NIKE, Inc. Class B	4,976,215
			6,531,364
	Consumer Services – 1.4%
	73,475	International Game Technology PLC	1,791,320
	15,097	Vail Resorts, Inc.	2,368,417
	10,923	Yum! Brands, Inc.	991,918
			5,151,655
	Diversified Financials – 3.6%
	110,978	Ally Financial, Inc.	2,160,742
	11,439	Ameriprise Financial, Inc.	1,141,269
	12,446	Berkshire Hathaway, Inc. Class B*	1,798,074
	14,873	Capital One Financial Corp.	1,068,328
	23,339	State Street Corp.	1,625,094
	50,415	Synchrony Financial	1,411,620
	111,522	The Bank of New York Mellon Corp.	4,447,497
			13,652,624

Shares		Description	Value
	Common Stocks – (continued)
	Energy – 4.8%
	84,815	Baker Hughes, Inc.	$    4,280,613
	1,422	Cimarex Energy Co.	191,074
	5,180	Diamondback Energy, Inc.*	500,077
	3,988	Energen Corp.	230,187
	38,807	Exxon Mobil Corp.	3,387,075
	117,337	FMC Technologies, Inc.*	3,481,389
	6,450	Kinder Morgan, Inc.	149,189
	23,690	Marathon Petroleum Corp.	961,577
	37,263	Newfield Exploration Co.*	1,619,450
	36,111	Oceaneering International, Inc.	993,414
	8,485	Pioneer Natural Resources Co.	1,575,240
	13,746	World Fuel Services Corp.	635,890
			18,005,175
	Food & Staples Retailing – 4.2%
	54,239	CVS Health Corp.	4,826,729
	62,720	Walgreens Boots Alliance, Inc.	5,056,486
	83,514	Wal-Mart Stores, Inc.	6,023,030
			15,906,245
	Food, Beverage & Tobacco – 1.6%
	12,152	Altria Group, Inc.	768,371
	23,982	Archer-Daniels-Midland Co.	1,011,321
	23,116	PepsiCo, Inc.	2,514,327
	17,575	Philip Morris International, Inc.	1,708,642
			6,002,661
	Health Care Equipment & Services – 5.2%
	1,313	Anthem, Inc.	164,532
	32,356	Baxter International, Inc.	1,540,146
	39,680	Boston Scientific Corp.*	944,384
	8,845	Danaher Corp.	693,360
	47,208	Express Scripts Holding Co.*	3,329,580
	102,517	Hologic, Inc.*	3,980,735
	27,113	McKesson Corp.	4,521,093
	45,641	Medtronic PLC	3,943,382
	5,300	Quest Diagnostics, Inc.	448,539
			19,565,751
	Household & Personal Products – 1.1%
	23,739	Kimberly-Clark Corp.	2,994,437
	10,766	The Procter & Gamble Co.	966,249
			3,960,686
	Insurance – 2.3%
	22,962	Allied World Assurance Co. Holdings AG	928,124
	42,043	Lincoln National Corp.	1,975,180
	35,532	Reinsurance Group of America, Inc.	3,835,324
	55,992	XL Group Ltd.	1,883,011
			8,621,639
	Materials – 5.0%
	29,278	Air Products & Chemicals, Inc.	4,401,655
	80,390	Axalta Coating Systems Ltd.*	2,272,625
	2,206	Cabot Corp.	115,617

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

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	9,230	Celanese Corp. Series A	$       614,349
	36,069	Crown Holdings, Inc.*	2,059,179
	12,785	International Paper Co.	613,424
	6,344	Newmont Mining Corp.	249,256
	11,326	Nucor Corp.	560,071
	42,537	Reliance Steel & Aluminum Co.	3,063,940
	98,654	Steel Dynamics, Inc.	2,465,363
	7,809	The Sherwin-Williams Co.	2,160,438
			18,575,917
	Media – 3.7%
	90,443	Comcast Corp. Class A	5,999,989
	116,621	Liberty Global PLC Series C*	3,853,158
	15,936	The Interpublic Group of Companies, Inc.	356,169
	155,781	Twenty-First Century Fox, Inc. Class A	3,773,016
			13,982,332
	Pharmaceuticals, Biotechnology & Life Sciences – 12.5%
	41,444	AbbVie, Inc.	2,613,873
	2,879	Agilent Technologies, Inc.	135,572
	32,892	Alexion Pharmaceuticals, Inc.*	4,030,586
	36,815	Amgen, Inc.	6,141,110
	5,337	Biogen, Inc.*	1,670,641
	78,112	Bristol-Myers Squibb Co.	4,211,799
	19,041	Celgene Corp.*	1,990,356
	14,064	Eli Lilly & Co.	1,128,777
	27,303	Gilead Sciences, Inc.	2,160,213
	78,353	Johnson & Johnson	9,255,840
	116,698	Merck & Co., Inc.	7,283,122
	7,312	Mettler-Toledo International, Inc.*	3,069,797
	10,998	Pfizer, Inc.	372,502
	17,853	Thermo Fisher Scientific, Inc.	2,839,698
			46,903,886
	Real Estate Investment Trusts – 3.2%
	13,567	American Homes 4 Rent Class A	293,590
	42,633	American Tower Corp.	4,831,598
	337,886	Annaly Capital Management, Inc.	3,547,803
	5,154	Equinix, Inc.	1,856,729
	40,931	Forest City Realty Trust, Inc. Class A	946,734
	10,414	Iron Mountain, Inc.	390,837
			11,867,291
	Retailing – 4.4%
	7,864	Amazon.com, Inc.*	6,584,606
	11,035	Best Buy Co., Inc.	421,316
	1,574	Expedia, Inc.	183,717
	38,559	Lowe’s Companies, Inc.	2,784,345
	7,838	Netflix, Inc.*	772,435
	5,931	The Home Depot, Inc.	763,201
	1,009	The Priceline Group, Inc.*	1,484,734

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	49,559	The TJX Companies, Inc.	$    3,706,022
			16,700,376
	Semiconductors & Semiconductor Equipment – 3.7%
	82,562	Applied Materials, Inc.	2,489,244
	56,393	KLA-Tencor Corp.	3,931,156
	8,335	Lam Research Corp.	789,408
	96,299	Maxim Integrated Products, Inc.	3,845,219
	8,478	Teradyne, Inc.	182,955
	35,213	Texas Instruments, Inc.	2,471,249
			13,709,231
	Software & Services – 12.5%
	37,834	Accenture PLC Class A	4,622,180
	9,938	Adobe Systems, Inc.*	1,078,670
	6,244	Alphabet, Inc. Class A*	5,020,551
	6,269	Alphabet, Inc. Class C*	4,872,831
	44,436	Citrix Systems, Inc.*	3,786,836
	137,838	eBay, Inc.*	4,534,870
	48,247	Facebook, Inc. Class A*	6,188,643
	91,607	Microsoft Corp.	5,276,563
	88,160	Nuance Communications, Inc.*	1,278,320
	155,253	Oracle Corp.	6,098,338
	70,489	PayPal Holdings, Inc.*	2,887,934
	10,712	Teradata Corp.*	332,072
	17,601	Yahoo!, Inc.*	758,603
			46,736,411
	Technology Hardware & Equipment – 4.1%
	98,323	Apple, Inc.	11,115,415
	19,274	Cisco Systems, Inc.	611,371
	3,529	F5 Networks, Inc.*	439,855
	203,251	HP, Inc.	3,156,488
			15,323,129
	Telecommunication Services – 3.9%
	214,320	AT&T, Inc.(a)	8,703,535
	8,775	Level 3 Communications, Inc.*	406,985
	10,896	T-Mobile US, Inc.*	509,061
	96,200	Verizon Communications, Inc.	5,000,476
			14,620,057
	Transportation – 2.6%
	36,842	Alaska Air Group, Inc.	2,426,414
	82,854	Delta Air Lines, Inc.	3,261,134
	103,285	JetBlue Airways Corp.*	1,780,633
	12,530	United Continental Holdings, Inc.*	657,449
	14,589	United Parcel Service, Inc. Class B	1,595,453
			9,721,083
	Utilities – 3.7%
	152,894	AES Corp.	1,964,688
	169,300	CenterPoint Energy, Inc.	3,932,839
	1,913	Edison International	138,214
	138,268	Great Plains Energy, Inc.	3,773,334
	159,970	NiSource, Inc.	3,856,877

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

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

Shares	Description	Value
Common Stocks – (continued)
Utilities – (continued)
4,064	UGI Corp.	$       183,855
		13,849,807
TOTAL COMMON STOCKS (Cost $338,895,009)		$363,596,167
Shares	Distribution Rate	Value
Investment Company(b)(c) – 0.5%
Goldman Sachs Financial Square Government Fund — Institutional Shares
1,975,410	0.312%	$    1,975,410
(Cost $1,975,410)
TOTAL INVESTMENTS – 97.5% (Cost $340,870,419)		$365,571,577
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.5%		9,368,326
NET ASSETS – 100.0%		$374,939,903

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 segregated as collateral for initial margin requirements on futures transactions.
(b)	Represents an affiliated issuer.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2016.
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, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2016, 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 2016	$	4,428,820	$	78,136

TAX INFORMATION — At September 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	342,038,084
Gross unrealized gain		29,983,457
Gross unrealized loss		(6,449,964	)
Net unrealized security gain	$	23,533,493

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, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

It is the Government 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 Board of Trustees (“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”) establish 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).

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ and Portfolio’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

The Trustees has approved 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 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 traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM or GSAMI to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. 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

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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.

Underlying Funds (including Money Market 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. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share of the Institutional Share class on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. 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. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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. As of the date of the financial statements, short-term debt obligations that matured in sixty days or less and did not exhibit signs of credit deterioration were valued at amortized cost, which approximated fair value. Effective October 11, 2016, short-term debt obligations that mature in sixty days or less are valued using available market quotations as provided by a third party pricing vendor or broker. 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. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, Assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

ii. Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

iii. 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.

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iv. 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. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

v. Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss.

vi. 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.

vii. 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 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. The Funds enter into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency 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.

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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 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 a 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 a 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 upon settlement.

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 — As of the date of the financial statements, short-term investments having a maturity of 60 days or less were valued at amortized cost which approximated fair market value. Effective October 11, 2016, such securities are valued using available market quotations as provided by a third party pricing vendor or broker. 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 Fund’s 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 of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits off setting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

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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, 2016, the Government Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of October 3, 2016, as follows:

Principal Amount	Maturity Value	Collateral Value
$197,200,000	$197,208,229	$202,670,316

REPURCHASE AGREEMENTS — At September 30, 2016, the Principal Amounts of the Government 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.		0.500	%	$	9,779,251
Bank of America, N.A.		0.500			13,970,359
BNP Paribas		0.500			85,219,190
Citigroup Global Markets, Inc.		0.520			8,600,153
Credit Agricole Corporate and Investment Bank		0.480			16,764,431
TD Securities USA, LLC		0.520			15,367,395
Wells Fargo Securities, LLC		0.500			47,499,221
TOTAL				$	197,200,000

At September 30, 2016, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		0.750 to 3.390	%		02/10/17 to 01/27/31
Federal Home Loan Bank		0.000 to 5.500			11/23/16 to 02/22/41
Federal Home Loan Mortgage Corp.		0.000 to 8.500			03/13/17 to 10/01/46
Federal National Mortgage Association		0.000 to 9.500			12/21/16 to 10/01/53
Government National Mortgage Association		3.000 to 10.000			07/15/17 to 09/20/46
U.S. Treasury Bill		0.000			01/12/17
U.S. Treasury Bonds		2.500 to 7.625			11/15/22 to 02/15/46
U.S. Treasury Floating Rate Note		0.478			10/31/17
U.S. Treasury Inflation-Indexed Bonds		0.750 to 1.750			01/15/28 to 02/15/42
U.S. Treasury Inflation-Indexed Notes		0.125			04/15/19 to 04/15/21
U.S. Treasury Interest-Only Stripped Security		0.000			02/15/29
U.S. Treasury Notes		0.625 to 3.750			12/15/16 to 05/15/26
U.S. Treasury Principal-Only Stripped Securities		0.000			11/15/39 to 05/15/46

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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

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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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GSAM did not develop the unobservable inputs (examples include but are not limited to single source broker quotations, third party pricing, etc.) for the valuation of level 3 Assets and Liabilities.

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, 2016. 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	$	—		$	38,272,455		$	—
Mortgage-Backed Obligations		—			39,540,531			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		24,950,392			—			—
Agency Debentures		—			2,968,651			—
Asset-Backed Securities		—			10,222,227			—
Foreign Debt Obligations		—			2,232,414			—
Municipal Debt Obligations		—			1,481,716			—
Government Guarantee Obligations		—			2,612,228			—
Total	$	24,950,392		$	97,330,222		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(2,126,719	)	$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	76,244		$	—
Futures Contracts		25,294			—			—
Interest Rate Swap Contracts		—			33,757			—
Total	$	25,294		$	110,001		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(79,716	)	$	—
Futures Contracts		(3,808	)		—			—
Credit Default Swap Contracts		—			(2,064	)		—
Interest Rate Swap Contracts		—			(27,837	)		—
Total	$	(3,808	)	$	(109,617	)	$	—
EQUITY INDEX
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	163,375,179		$	—		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		99,840			—			—
Total	$	163,475,019		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	4,202		$	—		$	—
GLOBAL TRENDS ALLOCATION
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Agency Debentures	$	—		$	47,470,744		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		77,938,954			—			—
Exchange Traded Funds		126,432,815			—			—
Investment Company		110,929,386			—			—
Total	$	315,301,155		$	47,470,744		$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,279,448		$	—		$	—
Liabilities(a)
Futures Contracts	$	(434,548	)	$	—		$	—

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GROWTH OPPORTUNITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	166,519,554		$	—		$	—
Investment Company		96			—			—
Total	$	166,519,650		$	—		$	—
HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations and/or Other U.S. Government Agencies	$	6,485,529		$	—		$	—
Mortgage-Backed Obligations		—			31,134,606			—
Agency Debenture		—			751,853			—
Asset-Backed Securities		—			27,043,653			—
Investment Company		1,730,190			—			—
Total	$	8,215,719		$	58,930,112		$	—
Derivative Type
Assets(a)
Futures Contracts	$	7,229		$	—		$	—
Liabilities(a)
Futures Contracts	$	(8,573	)	$	—		$	—
LARGE CAP VALUE
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	727,363,157		$	—		$	—
Investment Company		6,471,475			—			—
Total	$	733,834,632		$	—		$	—
MID CAP VALUE
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	779,255,084		$	—		$	—
Investment Company		10,372,823			—			—
Total	$	789,627,907		$	—		$	—
MULTI-STRATEGY ALTERNATIVES
Investment Type	Level 1			Level 2			Level 3
Assets
Equity Underlying Funds	$	1,445,783		$	—		$	—
Fixed Income Underlying Funds		8,221,758			—			—
Exchange Traded Funds		136,486			—			—
Investment Company		1,057,331			—			—
Total	$	10,861,358		$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	11,385		$	—
Futures Contracts		4,291			—			—
Total	$	4,291		$	11,385		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(3,308	)	$	—
Futures Contracts		(3,672	)		—			—
Total	$	(3,672	)	$	(3,308	)	$	—
SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	92,113,845			—		$	2,364
Investment Company		628,249			—			—
Securities Lending Reinvestment Vehicle		1,340,072			—			—
Total	$	94,082,166		$	—		$	2,364
Derivative Type
Assets(a)
Futures Contracts	$	55,656		$	—		$	—

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NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

STRATEGIC GROWTH
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	482,377,145		$	—		$	—
Investment Company		853			—			—
Total	$	482,377,998		$	—		$	—
STRATEGIC INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,331,924		$	—
Mortgage-Backed Obligations		—			3,556,422			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		12,651,157			—			—
Agency Debentures		—			2,003,602			—
Asset-Backed Securities		—			6,493,049			—
Foreign Debt Obligations		1,162,188			822,954			—
Municipal Debt Obligations		—			465,808			—
Bank Loans		—			113,780			72,000
Common Stock and/or Other Equity Investments(b)
North America	$	—		$	—		$	71,860
Investment Company		397,445			—			—
Total	$	14,210,790		$	14,787,539		$	143,860
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	167,803		$	—
Futures Contracts		24,517			—			—
Interest Rate Swap Contracts		—			83,007			—
Total	$	24,517		$	250,810		$	—
Liabilities(a)
Credit Default Swap Contracts	$	—		$	(121,976	)	$	—
Forward Foreign Currency Exchange Contracts		—			(150,462	)		—
Futures Contracts		(16,528	)		—			—
Interest Rate Swap Contracts		—			(102,350	)		—
Total	$	(16,528	)	$	(374,788	)	$	—
STRATEGIC INTERNATIONAL EQUITY
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	—		$	37,480,535		$	—
Australia and Oceania		—			6,739,587			—
Europe		—			103,060,709			—
North America		2,324,189			—			—
Investment Company		2,227,030			—			—
Total	$	4,551,219		$	147,280,831		$	—
U.S. EQUITY INSIGHTS
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	363,596,167		$	—		$	—
Investment Company		1,975,410			—			—
Total	$	365,571,577		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	78,136		$	—		$	—

(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 NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in the table. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

For further information regarding security characteristics, see the Schedules of Investments.

Securities Lending — Pursuant to exemptive relief granted by SEC and the terms and conditions contained therein, the VIT Small Cap Equity Insights Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invests 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 Fund and GSAL received compensation relating to the lending of the Fund’s securities.

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

Derivatives Risk — Loss may result from the Funds, the Portfolio or an Underlying Funds investments in derivative instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds, Portfolio, or an Underlying Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Losses from investments in derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the U.S. 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 a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Industry Concentration Risk — The Global Trends Allocation Fund will not invest more than 25% of the value of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry, except that, to the extent that an industry represents 20% or more of the Fund’s index at the time of investment, the Fund may invest up to 35% of its assets in that industry. Concentrating Fund investments in issuers conducting business in the same industry will subject the Fund to a greater risk of loss as a result of adverse economic, business or other developments affecting that industry than if its investments were not so concentrated.

Interest Rate Risk — When interest rates increase, the Money Market Fund’s yield will tend to be lower than prevailing market rates, and the market value of its securities or instruments may also be adversely affected. A low interest rate environment poses additional risks to the Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of Fund assets, or, at times, maintain a stable $1.00 share price.

When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but are expected to increase in the future with unpredictable effects on the markets and a Fund’s investments.

Investments in the Underlying Funds — The investments of the 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. The 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. To the extent that the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, the Portfolio 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 ETF, a Fund, Portfolio and Underlying Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund, 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.

Large Shareholder Transactions Risk — A Fund, Portfolio and Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of 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. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s, the Portfolio’s or an Underlying 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 ratios. Similarly, large Fund, Portfolio or Underlying Fund share purchases may adversely affect a Fund’s, Portfolio’s and Underlying Fund’s performance to the extent that the Fund, Portfolio and Underlying Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Liquidity Risk — A Fund 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 and Portfolio 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 and Portfolio 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Loan-Related Investments Risk — In addition to risks generally associated with debt investments, loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be relatively illiquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and may be relatively illiquid and difficult to value. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund’s redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

Market and Credit Risks — In the normal course of business, a Fund, Portfolio and Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Fund, Portfolio and Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund, Portfolio, and Underlying Fund have unsettled or open transactions defaults.

Non-Diversification Risk — The Global Trends Allocation Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Short Position Risk — A Fund, the Portfolio and an Underlying Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund, the Portfolio and an Underlying Fund may purchase for investment. Taking short positions involves leverage of a Fund’s and the Portfolio’s assets and presents various risks. If the value of the underlying instrument or market in which a Fund, the Portfolio and an Underlying Fund has taken a short position increases, then the Fund and the Portfolio will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited.

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Item 2. Controls and Procedures.

(a) The Registrant’s President/Chief 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 President/Chief 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/CHIEF EXECUTIVE OFFICER
Date: November 29, 2016

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/CHIEF EXECUTIVE OFFICER
Date: November 29, 2016
By (Signature and Title)*	/s/ SCOTT McHUGH, PRINCIPAL FINANCIAL OFFICER
Date: November 29, 2016

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