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. LLC 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, 2017

Item 1. Schedule of Investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – 37.9%
Automobiles & Components – 0.5%
Ford Motor Credit Co. LLC
$	475,000		5.875	%	08/02/21	$       528,345
Banks – 10.8%
American Express Co.(a)
	75,000		3.625		12/05/24	77,421
Bank of America Corp.
	(3 Mo. LIBOR + 0.66%),
	325,000		2.369	(a)(b)	07/21/21	325,024
	100,000		5.700		01/24/22	112,564
	225,000		4.125		01/22/24	239,369
	275,000		4.000		04/01/24	290,525
	275,000		3.248	(a)	10/21/27	269,490
	(3 Mo. LIBOR + 1.58%),
	225,000		3.824	(a)(b)	01/20/28	231,346
Bank of New York Mellon Corp. (The)(a)
	75,000		3.300		08/23/29	74,382
Bank of Tokyo-Mitsubishi UFJ Ltd. (The)(c)
	300,000		2.150		09/14/18	300,779
Citigroup, Inc.
	200,000		3.400		05/01/26	200,432
	75,000		4.125		07/25/28	77,171
Compass Bank(a)
	375,000		2.750		09/29/19	377,402
Credit Agricole SA(c)
	250,000		3.250		10/04/24	250,142
Credit Suisse AG
	325,000		2.300		05/28/19	327,120
Credit Suisse Group Funding Guernsey Ltd.
	400,000		3.125		12/10/20	408,025
Deutsche Bank AG
	50,000		2.500		02/13/19	50,294
	275,000		2.700		07/13/20	276,298
Discover Financial Services(a)
	225,000		3.750		03/04/25	225,884
HSBC Holdings plc
	225,000		3.400		03/08/21	232,005
	(3 Mo. LIBOR + 1.06%),
	225,000		3.262	(a)(b)	03/13/23	229,652
ING Bank NV(a)(b)
	(5 Yr. Swap Rate + 2.70%),
	325,000		4.125		11/21/23	330,850
Intesa Sanpaolo SpA
	350,000		3.875		01/16/18	351,932
JPMorgan Chase & Co.
	450,000		4.400		07/22/20	477,927
	275,000		2.700	(a)	05/18/23	275,073
JPMorgan Chase & Co. Series Z(a)(b)
	(3 Mo. LIBOR + 3.80%),
	250,000		5.300		12/31/49	260,625
KBC Bank NV(a)(b)
	(5 Yr. Swap Rate + 7.10%),
	200,000		8.000		01/25/23	203,383
KeyCorp
400,000			2.900		09/15/20	408,468
Kreditanstalt fuer Wiederaufbau(d)
	1,000,000		1.125		08/06/18	997,080
Lloyds Bank plc
	175,000		2.300		11/27/18	176,006
Macquarie Bank Ltd.(c)
	25,000		6.625		04/07/21	28,076

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Banks – (continued)
Mizuho Financial Group, Inc.
$	450,000		2.601	%	09/11/22	$       446,304
Morgan Stanley
	(3 Mo. LIBOR + 1.40%),
	150,000		2.712	(a)(b)	10/24/23	153,410
	650,000		3.700		10/23/24	673,383
	75,000		3.625		01/20/27	76,019
Morgan Stanley Series F
	100,000		3.875		04/29/24	104,651
Regions Bank
	250,000		7.500		05/15/18	258,642
Synchrony Financial(a)
	350,000		2.600		01/15/19	352,242
Toronto-Dominion Bank (The)(a)(b)
	(5 Yr. Swap Rate + 2.21%),
	125,000		3.625		09/15/31	124,467
UBS Group Funding Switzerland AG(c)
	350,000		3.000		04/15/21	354,819
UniCredit SpA(c)
	400,000		3.750		04/12/22	410,026
Wells Fargo & Co.
	650,000		3.000		10/23/26	635,603
Westpac Banking Corp.(a)(b)
	(5 Yr. Swap Rate + 2.24%),
	150,000		4.322		11/23/31	154,111
						11,828,422
Commercial Services – 0.5%
Rensselaer Polytechnic Institute
	475,000		5.600		09/01/20	511,323
Consumer Services(a) – 0.3%
Marriott International, Inc.
	125,000		2.875		03/01/21	126,762
	250,000		2.300		01/15/22	246,810
						373,572
Diversified Financials – 0.3%
General Motors Financial Co., Inc.
	125,000		3.250		05/15/18	126,119
	175,000		3.500		07/10/19	179,235
						305,354
Diversified Manufacturing(a) – 0.2%
Roper Technologies, Inc.
	125,000		3.000		12/15/20	127,532
	100,000		2.800		12/15/21	100,916
						228,448
Electric – 2.1%
Arizona Public Service Co.(a)
	125,000		2.950		09/15/27	123,793
Dominion Energy, Inc.
	250,000		2.579		07/01/20	252,086
Emera US Finance LP(a)
	125,000		2.700		06/15/21	125,673
Entergy Corp.(a)
	125,000		2.950		09/01/26	120,883
Exelon Corp.(a)
	125,000		3.497		06/01/22	128,762
Florida Power & Light Co.(a)
	193,000		4.125		02/01/42	207,596

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Electric – (continued)
NiSource Finance Corp.(a)
$	275,000		3.490	%	05/15/27	$       278,354
Pacific Gas & Electric Co.(a)
	100,000		3.500		06/15/25	103,208
Progress Energy, Inc.
	350,000		7.000		10/30/31	472,133
Puget Sound Energy, Inc. Series A(a)(b)
	(3 Mo. LIBOR + 2.53%),
	150,000		6.974		06/01/67	146,250
Southern California Edison Co.(a)
	175,000		4.050		03/15/42	183,490
Southern Co. (The)(a)
	225,000		2.350		07/01/21	223,749
						2,365,977
Energy – 2.4%
Anadarko Petroleum Corp.
	35,000		3.450	(a)	07/15/24	34,734
	50,000		5.550	(a)	03/15/26	55,842
	50,000		6.450		09/15/36	59,150
Apache Corp.(a)
	50,000		2.625		01/15/23	49,008
	125,000		4.250		01/15/44	117,385
ConocoPhillips Co.(a)
	25,000		3.350		11/15/24	25,710
Devon Energy Corp.(a)
	25,000		4.000		07/15/21	25,989
	75,000		5.600		07/15/41	82,080
	30,000		4.750		05/15/42	30,372
Dolphin Energy Ltd.(c)
36,012			5.888		06/15/19	37,273
Energy Transfer LP(a)
	75,000		4.650		06/01/21	79,712
	75,000		4.750		01/15/26	78,950
EQT Corp.(a)
	100,000		3.000		10/01/22	100,233
Kinder Morgan Energy Partners LP(a)
	150,000		5.400		09/01/44	155,943
Kinder Morgan, Inc.(a)
	425,000		3.050		12/01/19	432,685
Petroleos Mexicanos
	30,000		5.500		02/04/19	31,237
	60,000		6.375		02/04/21	65,565
	120,000		6.500	(c)	03/13/27	132,988
	13,000		5.500		06/27/44	12,090
	70,000		5.625		01/23/46	65,345
	80,000		6.750	(c)	09/21/47	85,152
Pioneer Natural Resources Co.(a)
	125,000		3.450		01/15/21	127,809
	70,000		3.950		07/15/22	73,559
Plains All American Pipeline LP(a)
	50,000		3.650		06/01/22	50,264
	125,000		4.500		12/15/26	126,864
Sabine Pass Liquefaction LLC(a)
	175,000		6.250		03/15/22	196,830
	175,000		5.625		03/01/25	193,049
Valero Energy Corp.
	100,000		3.650		03/15/25	102,595
						2,628,413

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Food & Beverage – 1.6%
Anheuser-Busch InBev Finance, Inc.(a)
$	675,000		2.650	%	02/01/21	$       685,962
	200,000		3.650		02/01/26	206,902
	75,000		4.900		02/01/46	84,718
Kraft Heinz Foods Co.(a)
	100,000		2.800		07/02/20	101,807
	75,000		3.950		07/15/25	77,247
	125,000		4.375		06/01/46	123,429
Molson Coors Brewing Co.(a)
	50,000		2.100		07/15/21	49,301
	75,000		3.000		07/15/26	72,941
Smithfield Foods, Inc.(c)
	125,000		2.700		01/31/20	125,385
Suntory Holdings Ltd.(c)
	275,000		2.550		09/29/19	277,368
						1,805,060
Food & Staples Retailing(a) – 0.4%
CVS Health Corp.
	125,000		2.800		07/20/20	127,155
	125,000		4.125		05/15/21	132,034
	225,000		3.500		07/20/22	234,062
						493,251
Health Care Equipment & Services – 1.7%
Aetna, Inc.(a)
	75,000		2.800		06/15/23	75,461
Becton Dickinson and Co.
	175,000		2.675		12/15/19	177,101
	275,000		2.894	(a)	06/06/22	275,895
	275,000		3.363	(a)	06/06/24	277,565
	100,000		4.685	(a)	12/15/44	105,708
Cigna Corp.(a)
	150,000		3.250		04/15/25	151,910
CR Bard, Inc.(a)
	260,000		3.000		05/15/26	260,817
Medtronic, Inc.
	75,000		2.500		03/15/20	76,103
	150,000		3.150		03/15/22	155,318
Stryker Corp.(a)
	50,000		2.625		03/15/21	50,597
	125,000		3.375		11/01/25	128,010
UnitedHealth Group, Inc.
	100,000		4.625		07/15/35	114,608
						1,849,093
Life Insurance – 0.9%
American International Group, Inc.(a)
	50,000		3.750		07/10/25	51,635
	25,000		4.500		07/16/44	26,091
	100,000		4.800		07/10/45	109,119
Brighthouse Financial, Inc.(a)(c)
	100,000		3.700		06/22/27	98,187
Northwestern Mutual Life Insurance Co. (The)(c)
	200,000		6.063		03/30/40	263,098
	100,000		3.850	(a)	09/30/47	98,867
Principal Financial Group, Inc.(a)
	150,000		3.100		11/15/26	148,990
Reliance Standard Life Global Funding II(c)
	225,000		2.500		01/15/20	226,035
						1,022,022

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Materials – 0.7%
Ecolab, Inc.
$	100,000		5.500	%	12/08/41	$       123,032
LYB International Finance II BV(a)
	200,000		3.500		03/02/27	198,927
Sherwin-Williams Co. (The)
	125,000		2.250		05/15/20	125,495
	25,000		2.750	(a)	06/01/22	25,168
	50,000		3.125	(a)	06/01/24	50,251
	200,000		3.450	(a)	06/01/27	201,391
Westlake Chemical Corp.(a)
	75,000		3.600		08/15/26	74,904
						799,168
Media – 0.5%
21st Century Fox America, Inc.(a)
	75,000		3.700		09/15/24	77,829
CCO Safari II LLC(a)
	50,000		4.464		07/23/22	52,901
	200,000		4.908		07/23/25	213,803
	25,000		6.484		10/23/45	29,342
Comcast Corp.(a)
	125,000		3.375		08/15/25	128,978
Time Warner Cable LLC
	50,000		5.000		02/01/20	52,862
	25,000		5.875	(a)	11/15/40	27,434
						583,149
Metals and Mining(c) – 0.6%
Glencore Finance Canada Ltd.
	350,000		2.700		10/25/17	350,123
Glencore Funding LLC
	75,000		4.125		05/30/23	78,078
	195,000		4.625		04/29/24	206,554
						634,755
Noncaptive-Financial – 0.4%
AerCap Ireland Capital DAC
	250,000		4.625		07/01/22	267,959
International Lease Finance Corp.(c)
	150,000		7.125		09/01/18	157,057
						425,016
Pharmaceuticals, Biotechnology & Life Sciences – 2.7%
AbbVie, Inc.(a)
	125,000		2.500		05/14/20	126,498
	75,000		2.300		05/14/21	74,876
Allergan Funding SCS
	225,000		2.350		03/12/18	225,655
	25,000		4.850	(a)	06/15/44	27,223
Amgen, Inc.(a)
	200,000		3.125		05/01/25	201,444
Bayer US Finance LLC(c)
	400,000		3.000		10/08/21	407,596
EMD Finance LLC(a)(c)
	375,000		2.950		03/19/22	381,147
Forest Laboratories LLC(a)(c)
	87,000		4.375		02/01/19	89,219
	100,000		5.000		12/15/21	109,290
Mylan NV(a)
	300,000		3.950		06/15/26	305,431

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
Shire Acquisitions Investments Ireland DAC
$	225,000		1.900	%	09/23/19	$       224,555
	200,000		3.200	(a)	09/23/26	197,164
Teva Pharmaceutical Finance Netherlands III BV
	85,000		2.200		07/21/21	81,838
	50,000		2.800		07/21/23	47,690
	50,000		3.150		10/01/26	46,085
Thermo Fisher Scientific, Inc.(a)
	175,000		3.000		04/15/23	177,892
	100,000		3.650		12/15/25	103,510
Zoetis, Inc.(a)
	125,000		3.000		09/12/27	123,512
						2,950,625
Pipelines(a) – 0.9%
Columbia Pipeline Group, Inc.
	100,000		3.300		06/01/20	102,355
Enbridge, Inc.
	100,000		2.900		07/15/22	100,586
	50,000		3.500		06/10/24	50,774
EnLink Midstream Partners LP
	75,000		4.850		07/15/26	78,479
Enterprise Products Operating LLC
	25,000		3.350		03/15/23	25,643
Enterprise Products Operating LLC Series A(b)
	(3 Mo. LIBOR + 3.71%),
	250,000		5.018		08/01/66	250,125
Sunoco Logistics Partners Operations LP
	50,000		4.250		04/01/24	51,592
Williams Partners LP
	80,000		3.600		03/15/22	82,656
	150,000		3.900		01/15/25	153,085
	100,000		4.000		09/15/25	102,283
						997,578
Property/Casualty Insurance – 0.3%
Chubb Corp. (The)(a)(b)
	(3 Mo. LIBOR + 2.25%),
	125,000		3.554		04/15/37	124,312
Hartford Financial Services Group, Inc. (The)
	25,000		5.125		04/15/22	27,703
XLIT Ltd.
	125,000		4.450		03/31/25	128,000
						280,015
Real Estate Investment Trusts – 2.0%
American Campus Communities Operating Partnership LP(a)
	275,000		4.125		07/01/24	288,026
Crown Castle International Corp.(a)
	75,000		2.250		09/01/21	73,965
	75,000		3.200		09/01/24	74,644
	175,000		3.650		09/01/27	174,904
CubeSmart LP(a)
	125,000		4.000		11/15/25	128,855
DDR Corp.(a)
	100,000		3.900		08/15/24	100,738
HCP, Inc.(a)
	25,000		2.625		02/01/20	25,201
Healthcare Realty Trust, Inc.
	350,000		5.750		01/15/21	383,892
Healthcare Trust of America Holdings LP(a)
	100,000		3.375		07/15/21	102,756
National Retail Properties, Inc.(a)
	125,000		4.000		11/15/25	128,163

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Real Estate Investment Trusts – (continued)
Select Income REIT(a)
$	50,000		2.850	%	02/01/18	$         50,114
	75,000		3.600		02/01/20	76,090
Ventas Realty LP(a)
	125,000		3.500		02/01/25	125,488
VEREIT Operating Partnership LP(a)
	50,000		4.875		06/01/26	53,533
Welltower, Inc.
	375,000		2.250		03/15/18	375,932
						2,162,301
Retailing(a) – 0.5%
Alimentation Couche-Tard, Inc.(c)
	125,000		2.700		07/26/22	125,405
	50,000		3.550		07/26/27	50,421
Amazon.com, Inc.(c)
	100,000		3.150		08/22/27	100,714
Expedia, Inc.(c)
	175,000		3.800		02/15/28	173,428
Home Depot, Inc. (The)
	75,000		4.250		04/01/46	80,745
						530,713
Software & Services(a) – 0.4%
Fidelity National Information Services, Inc.
	140,000		3.625		10/15/20	145,784
	125,000		3.000		08/15/26	121,330
Fiserv, Inc.
	150,000		2.700		06/01/20	151,735
						418,849
Technology – 1.3%
Amphenol Corp.(a)
	125,000		3.125		09/15/21	127,402
Broadcom Corp.(a)(c)
	275,000		3.625		01/15/24	282,529
	25,000		3.875		01/15/27	25,749
Cisco Systems, Inc.
	100,000		2.200		02/28/21	100,580
Dell International LLC(a)(c)
	125,000		5.450		06/15/23	136,800
Hewlett Packard Enterprise Co.(a)
	125,000		4.900		10/15/25	132,233
NXP BV(c)
	375,000		4.125		06/01/21	392,344
Oracle Corp.(a)
	200,000		2.500		05/15/22	202,939
QUALCOMM, Inc.(a)
	75,000		2.600		01/30/23	75,177
						1,475,753
Tobacco – 2.0%
BAT Capital Corp.(a)(c)
	725,000		3.222		08/15/24	726,786
	700,000		3.557		08/15/27	707,037
Imperial Brands Finance plc(c)
	400,000		2.050		02/11/18	400,211
Reynolds American, Inc.(a)
	375,000		4.450		06/12/25	401,940
						2,235,974

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Transportation(c) – 0.5%
ERAC USA Finance LLC
$	350,000		2.350	%	10/15/19	$       351,419
Penske Truck Leasing Co. LP(a)
	200,000		3.375		02/01/22	205,354
						556,773
Wireless Telecommunications – 3.0%
American Tower Corp.
	75,000		3.300	(a)	02/15/21	76,851
	125,000		4.700		03/15/22	135,429
AT&T, Inc.
	25,000		2.800	(a)	02/17/21	25,298
	175,000		3.200	(a)	03/01/22	178,472
	300,000		3.800		03/15/22	312,501
	150,000		3.000	(a)	06/30/22	151,460
	135,000		3.600	(a)	02/17/23	138,900
	200,000		3.400	(a)	05/15/25	197,280
	100,000		4.125	(a)	02/17/26	102,609
	350,000		3.900	(a)	08/14/27	350,681
Verizon Communications, Inc.
	1,021,000		2.946		03/15/22	1,038,300
	400,000		5.150		09/15/23	448,387
	150,000		2.625		08/15/26	140,861
						3,297,029
Wirelines Telecommunications – 0.4%
Telefonica Emisiones SAU
	175,000		3.192		04/27/18	176,416
	225,000		5.462		02/16/21	246,618
						423,034
TOTAL CORPORATE BONDS (Cost $40,896,160)						$  41,710,012
Mortgage-Backed Securities – 22.2%
Adjustable Rate FHLMC(b) – 0.4%
$	413,284		3.343	%	09/01/35	$       437,644
Adjustable Rate FNMA(b) – 0.8%
	167,821		3.134		05/01/33	172,150
	378,664		3.208		05/01/35	400,513
	226,596		3.364		09/01/35	240,582
						813,245
FHLMC – 1.7%
	7,292		5.500		02/01/18	7,324
	808		5.500		04/01/18	813
	503		4.500		09/01/18	507
	1,610		5.500		09/01/18	1,633
	9		9.500		08/01/20	10
	18,632		6.500		10/01/20	20,613
	5,658		4.500		07/01/24	5,964
	31,275		4.500		11/01/24	33,070
	7,681		4.500		12/01/24	8,103
	8,249		6.000		03/01/29	9,280
	149		6.000		04/01/29	167
	9,923		7.500		12/01/29	11,544
	106,049		7.000		05/01/32	124,423
	165		6.000		08/01/32	187
	54,818		7.000		12/01/32	64,409
	3,218		5.000		10/01/33	3,522
	4,715		5.000		07/01/35	5,160
	6,534		5.000		12/01/35	7,240
	51,716		5.500		01/01/37	57,358

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
FHLMC – (continued)
$	1,397		5.000	%	03/01/38	$           1,533
	90,063		7.000		02/01/39	104,837
	3,351		5.000		06/01/41	3,671
	1,377,183		3.500		04/01/43	1,428,397
						1,899,765
FNMA – 7.3%
	6,381		5.500		02/01/18	6,406
	9,742		5.000		05/01/18	9,816
	1,224		6.500		08/01/18	1,243
	7,202		7.000		08/01/18	7,280
	670		5.000		06/01/23	710
	61,649		5.500		09/01/23	65,316
	16,909		5.500		10/01/23	17,984
	3,142		4.500		07/01/24	3,315
	84,092		4.500		11/01/24	89,020
	37,206		4.500		12/01/24	39,419
	59		7.000		07/01/25	66
	10,068		9.000		11/01/25	11,559
	35,659		7.000		08/01/26	40,170
	619		7.000		08/01/27	714
	3,429		7.000		09/01/27	3,687
	104		7.000		01/01/28	119
	58,110		6.000		02/01/29	65,964
	52,848		6.000		06/01/29	60,010
	17,863		8.000		10/01/29	20,380
	4,928		7.000		12/01/29	5,673
	1,260		8.500		04/01/30	1,531
	2,345		8.000		05/01/30	2,666
	143		8.500		06/01/30	148
	5,878		7.000		05/01/32	6,840
	46,674		7.000		06/01/32	54,766
	50,836		7.000		08/01/32	59,803
	8,875		8.000		08/01/32	10,131
	2,466		5.000		08/01/33	2,713
	635		5.500		09/01/33	709
	795		5.500		02/01/34	888
	157		5.500		04/01/34	177
	5,086		5.500		12/01/34	5,683
	26,171		5.000		04/01/35	28,991
	44,736		6.000		04/01/35	50,640
	1,006		5.500		09/01/35	1,128
	99,830		6.000		10/01/35	113,975
	222,735		6.000		09/01/36	253,609
	68		5.500		02/01/37	76
	138		5.500		04/01/37	155
	139,626		5.500		08/01/37	155,233
	190		5.500		03/01/38	213
	162		5.500		06/01/38	182
	134		5.500		07/01/38	150
	150		5.500		08/01/38	168
	116		5.500		09/01/38	130
	2,260		5.500		10/01/38	2,534
	50		5.500		12/01/38	56
	119,859		5.000		01/01/39	133,098
	56,491		7.000		03/01/39	65,458
	191,444		6.000		05/01/39	216,925
	13,494		4.500		08/01/39	14,734
	53,737		3.000		01/01/43	54,375
	210,089		3.000		03/01/43	212,649
	294,171		3.000		04/01/43	297,755
	219,206		3.000		05/01/43	221,878
	736,742		3.500		07/01/43	762,977
	763,125		4.500		04/01/45	835,264

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
FNMA – (continued)
$	89,485		4.500	%	05/01/45	$         96,145
	820,376		3.500		05/01/46	849,794
	3,000,000		4.000		TBA-30yr(e)	3,158,203
						8,121,401
GNMA – 12.0%
	1,951		7.000		10/15/25	1,981
	7,068		7.000		11/15/25	7,594
	1,141		7.000		02/15/26	1,170
	5,369		7.000		04/15/26	5,920
	3,120		7.000		03/15/27	3,597
	23,340		7.000		11/15/27	26,106
	369		7.000		01/15/28	402
	17,181		7.000		02/15/28	18,601
	2,099		7.000		03/15/28	2,407
	996		7.000		04/15/28	1,157
	206		7.000		05/15/28	235
	3,689		7.000		06/15/28	4,266
	7,751		7.000		07/15/28	9,002
	11,358		7.000		09/15/28	13,227
	2,221		7.000		11/15/28	2,582
	2,397		7.500		11/15/30	2,405
	141,168		6.000		08/20/34	161,110
	148,780		5.000		06/15/40	163,514
	699,686		4.000		08/20/43	742,542
	360,342		4.000		08/20/45	381,737
	1,470,905		4.000		10/20/45	1,558,240
	56,766		4.000		11/20/45	60,137
	774,672		4.000		01/20/46	819,700
	272,297		4.000		02/20/46	288,124
	738,358		4.000		03/20/46	781,275
	2,950,110		4.000		04/20/46	3,121,585
	785,282		4.000		05/20/46	830,926
	981,955		4.000		05/20/47	1,036,116
	988,443		4.000		06/20/47	1,043,579
	994,770		4.000		07/20/47	1,051,503
	1,000,000		4.000		TBA-30yr(e)	1,052,148
						13,192,888
TOTAL MORTGAGE-BACKED SECURITIES (Cost $24,266,419)						$  24,464,943
Collateralized Mortgage Obligations – 2.1%
Adjustable Rate Non-Agency(a)(b) – 0.5%
Alternative Loan Trust Series 2005-38, Class A1
$	107,595		2.389	%	09/25/35	$       105,489
Lehman XS Trust Series 2005-7N, Class 1A1A
	194,550		1.507		12/25/35	186,782
MASTR Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	239,225		1.739		12/25/46	236,714
						528,985
Regular Floater(b) – 1.3%
Connecticut Avenue Securities Series 2014-C03, Class 1M1(a)
	3,122		2.437		07/25/24	3,125
Mortgage Repurchase Agreement Financing Trust Series 2016-1, Class A2(a)(c)
	200,000		2.185		04/10/19	200,004

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations – (continued)
Regular Floater – (continued)
Mortgage Repurchase Agreement Financing Trust Series 2017-1, Class A1(a)(c)
$	150,000		2.085	%	07/10/19	$       150,038
Mortgage Repurchase Agreement Financing Trust Series 2017-2, Class A1(c)
	800,000		1.779		08/12/19	800,065
Station Place Securitization Trust Series 2015-2, Class A(c)
	300,000		2.287		05/15/18	300,000
						1,453,232
Sequential Fixed Rate – 0.3%
FNMA REMIC Series 2012-111, Class B
	17,508		7.000		10/25/42	20,140
FNMA REMIC Series 2012-153, Class B
	48,630		7.000		07/25/42	56,422
NCUA Guaranteed Notes Series A4
	300,000		3.000		06/12/19	306,480
						383,042
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,302,727)						$    2,365,259
U.S. Government Agency Securities – 2.0%
FHLB
$	600,000		2.125	%	06/09/23	$       601,666
	100,000		3.375		12/08/23	106,793
FNMA
	400,000		1.875		09/24/26	379,705
	400,000		6.250		05/15/29	538,652
Tennessee Valley Authority
	500,000		3.875		02/15/21	533,610
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $2,150,197)						$    2,160,426
Asset-Backed Securities(b) – 12.2%
Collateralized Loan Obligations(c) – 4.9%
Acis CLO Ltd. Series 2013-1A, Class ACOM(a)
$	1,366,959		2.531	%	04/18/24	$    1,365,319
Acis CLO Ltd. Series 2013-2A, Class C2R(a)
	173,258		2.604		10/14/22	173,276
BlueMountain CLO Ltd. Series 2014-2A, Class AR(a)
	550,000		2.237		07/20/26	552,177
Cutwater Ltd. Series 2014-1A, Class A1AR(a)
	550,000		2.554		07/15/26	552,751
Neuberger Berman CLO XIX Ltd. Series 2015-19A, Class A1R(a)
	550,000		2.354		07/15/27	551,539
OFSI Fund V Ltd. Series 2013-5A, Class A1LA
	571,800		2.234		04/17/25	572,026
Recette Clo Ltd. Series 2015-1A, Class AR(a)
	750,000		0.000		10/20/27	750,000
Voya CLO Ltd. Series 2014-4A, Class A1R(a)
	800,000		2.254		10/14/26	800,830
						5,317,918

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – (continued)
Home Equity(a) – 0.1%
GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1
$	24,298		6.999	%	09/25/37	$         24,616
GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	73,969		6.823		09/25/37	76,217
						100,833
Student Loans – 7.2%
Academic Loan Funding Trust Series 2012-1A, Class A2(a)(c)
	550,000		2.337		12/27/44	548,975
AccessLex Institute Series 2005-2, Class A3(a)
	113,028		1.495		11/22/24	113,028
Brazos Higher Education Authority, Inc. Series 2005-2, Class A11
	47,982		1.468		09/27/21	47,925
Chase Education Loan Trust Series 2007-A, Class A3(a)
	38,615		1.401		12/28/23	38,516
ECMC Group Student Loan Trust Series 2016-1A, Class A(a)(c)
	462,333		2.587		07/26/66	462,624
Edsouth Indenture No. 10 LLC Series 2015-2, Class A(a)(c)
	308,867		2.237		12/25/56	310,456
EFS Volunteer No. 2 LLC Series 2012-1, Class A2(a)(c)
	550,000		2.587		03/25/36	557,741
EFS Volunteer No. 3 LLC Series 2012-1, Class A3(a)(c)
	350,000		2.237		04/25/33	350,000
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3(a)
	300,000		2.286		07/20/43	299,708
Navient Student Loan Trust Series 2016-5A, Class A(a)(c)
	1,011,497		2.487		06/25/65	1,031,784
Navient Student Loan Trust Series 2016-7A, Class A(a)(c)
	497,387		2.387		03/25/66	503,413
Nelnet Student Loan Trust Series 2006-1, Class A6(a)(c)
	500,000		1.764		08/23/36	486,757
Nelnet Student Loan Trust Series 2006-2, Class A5(a)
	258,112		1.414		01/25/30	257,772
Northstar Education Finance, Inc. Series 2007-1, Class A1(a)
	92,746		1.414		04/28/30	92,167
Scholar Funding Trust Series 2010-A, Class A(a)(c)
	139,041		2.064		10/28/41	138,134
SLC Student Loan Trust Series 2006-1, Class A5(a)
	432,369		1.430		03/15/27	431,050
SLM Student Loan Trust Series 2003-7A, Class A5A(a)(c)
	402,449		2.520		12/15/33	407,399
SLM Student Loan Trust Series 2004-8A, Class A6(a)(c)
	400,000		1.944		01/25/40	400,117
SLM Student Loan Trust Series 2005-3, Class A5(a)
	149,127		1.404		10/25/24	148,944
SLM Student Loan Trust Series 2005-5, Class A5(a)
	100,000		2.064		10/25/40	98,592
SLM Student Loan Trust Series 2006-2, Class A5(a)
	141,587		1.424		07/25/25	141,580
SLM Student Loan Trust Series 2007-7, Class A4(a)
	202,857		1.644		01/25/22	199,805
SLM Student Loan Trust Series 2008-5, Class A4(a)
	419,327		3.014		07/25/23	431,380
SLM Student Loan Trust Series 2008-6, Class A4(a)
	300,000		2.414		07/25/23	302,679
SLM Student Loan Trust Series 2008-8, Class A4(a)
	150,000		2.814		04/25/23	153,525
						7,954,071
TOTAL ASSET-BACKED SECURITIES (Cost $13,180,747)						$  13,372,822

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Government Securities – 2.3%
Colombia Government International Bond(a)
$	240,000		4.000	%	02/26/24	$       250,440
	200,000		3.875		04/25/27	203,100
Hashemite Kingdom of Jordan Government AID Bond(f)
	700,000		2.503		10/30/20	715,652
Indonesia Government International Note(c)
	230,000		4.750		01/08/26	250,771
	260,000		3.850		07/18/27	267,449
Israel Government AID Bond(f)
	400,000		5.500		09/18/23	473,144
	200,000		5.500		12/04/23	236,748
	100,000		5.500		04/26/24	119,858
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $2,460,043)						$    2,517,162
Supranational – 0.2%
Inter-American Development Bank
$	200,000		1.000	%	02/27/18	$       199,316
(Cost $199,836)
Municipal Bonds – 0.9%
California – 0.3%
California State Various Purpose GO Bonds Series 2010
$	140,000		7.950	%	03/01/36	$       157,811
	105,000		7.625		03/01/40	160,895
						318,706
Illinois – 0.3%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	275,000		7.350		07/01/35	315,381
Illinois State GO Bonds Pension Funding Series 2003
	25,000		5.100		06/01/33	25,283
						340,664
Ohio – 0.3%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	250,000		6.270		02/15/50	328,925
TOTAL MUNICIPAL BONDS (Cost $802,470)						$       988,295

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 22.3%
U.S. Treasury Bonds
$	470,000		2.750	%	11/15/42	$       464,191
	410,000		3.125		02/15/43	432,808
	490,000		3.625		02/15/44	563,338
	490,000		3.125		08/15/44	517,107
	100,000		3.000		11/15/44	103,081
	200,000		2.875		08/15/45	201,020
	1,350,000		3.000	(g)	11/15/45	1,389,690
	5,200,000		2.875		11/15/46	5,219,240
	20,000		3.000		05/15/47	20,584
U.S. Treasury Inflation Linked Bond (TIPS)
	101,406		0.875		02/15/47	100,031
U.S. Treasury Inflation Linked Notes (TIPS)
	261,323		0.125		04/15/20	262,689
	258,205		0.125		04/15/21	259,044
	220,311		0.625		01/15/24	225,092
	620,094		0.250		01/15/25	614,315
	206,040		0.625		01/15/26	208,924
	61,273		0.125		07/15/26	59,620
U.S. Treasury Notes
	850,000		1.875		09/30/22	847,952
	10,340,000		2.125		07/31/24	10,324,696
	1,640,000		2.250		11/15/25	1,640,082
U.S. Treasury STRIPS Bond(h)
	1,800,000		0.000		02/15/36	1,082,952
TOTAL U.S. TREASURY OBLIGATIONS (Cost $24,379,525)						$  24,536,456

Shares	Distribution Rate	Value
Investment Company(i) – 1.2%
Goldman Sachs Financial Square Government Fund — Institutional Shares
1,357,210	0.927%	$    1,357,210
(Cost $1,357,210)
TOTAL INVESTMENTS – 103.3% (Cost $111,995,334)		$113,671,901
LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.3)%		(3,672,559)
NET ASSETS – 100.0%		$109,999,342

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 disclosed is that which is in effect on September 30, 2017.
(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 $20,629,101, which represents approximately 18.8% of net assets as of September 30, 2017 and are unaudited.
(d)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $997,080, which represents 0.9% of net assets as of September 30, 2017.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

(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 $4,210,351 which represents approximately 3.8% of net assets as of September 30, 2017.
(f)	Guaranteed by the United States Government. Total market value of these securities amounts to $1,545,402, which represents 1.4% of net assets as of September 30, 2017.
(g)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(h)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(i)	Represents an affiliated issuer.

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
HICPXT	— Harmonised Index of Consumer Prices excluding Tobacco
LIBOR	— London Interbank Offered Rate
Mo.	— Month
NIBOR	— Norwegian Interbank Offered Rate
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
RMKT	— Remarketed
SONIA	— Sterling Overnight Index Average
STIBOR	— Stockholm Interbank Offered Rate
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
TIPS	— Treasury Inflation-Protected Securities
UK-RPI	— United Kingdom Retail Price Index
Yr.	— Year
Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
USD	— United States Dollar
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2017, 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
Morgan Stanley Co., Inc.	AUD	273,798	USD	213,970		12/20/2017	$	214,568	$	598
	CAD	41,500	AUD	42,000		12/20/2017		33,277		362
	CAD	45,693	USD	36,634		12/20/2017		36,639		5
	CHF	492,185	EUR	427,739		12/20/2017		511,045		3,235
	EUR	72,000	CHF	82,207		12/20/2017		85,478		121
	EUR	36,878	GBP	32,557		12/20/2017		43,782		47
	EUR	285,000	NOK	2,656,851		12/20/2017		338,351		4,154
	EUR	94,000	SEK	893,833		12/20/2017		111,597		1,335
	EUR	754,789	USD	890,353		10/12/2017		892,523		2,170
	EUR	394,468	USD	466,642		12/20/2017		468,311		1,669
	GBP	222,499	EUR	248,157		12/20/2017		298,886		4,273
	GBP	63,000	JPY	9,467,325		12/20/2017		84,629		159
	GBP	299,534	USD	401,829		11/16/2017		401,931		102
	GBP	198,779	USD	264,772		12/20/2017		267,023		2,251
	JPY	9,522,782	EUR	71,000		12/20/2017		84,965		674
	JPY	37,271,683	USD	332,464		12/20/2017		332,548		84
	NZD	227,237	USD	163,687		12/20/2017		163,881		194
	SEK	1,432,926	EUR	148,695		12/20/2017		176,764		233
	USD	130,780	AUD	163,475		11/08/2017		128,171		2,609
	USD	1,664,304	AUD	2,081,950		12/20/2017		1,631,565		32,739
	USD	83,511	CAD	101,641		11/06/2017		81,479		2,032
	USD	765,470	CAD	945,040		12/20/2017		757,780		7,690
	USD	85,000	CHF	81,365		12/20/2017		84,482		518
	USD	2,096,537	EUR	1,748,153		12/20/2017		2,075,409		21,128
	USD	412,888	GBP	305,732		12/20/2017		410,696		2,192
	USD	95,994	JPY	10,455,799		10/25/2017		93,023		2,971
	USD	340,000	JPY	37,449,946		12/20/2017		334,139		5,861
	USD	475,126	NZD	654,000		12/20/2017		471,657		3,469
	USD	103,827	SEK	825,496		10/19/2017		101,443		2,384
TOTAL									$	105,259

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value		Unrealized Loss
Morgan Stanley Co., Inc.	AUD	106,000	NZD	116,618		12/20/2017	$	83,069	$	(1,034	)
	AUD	196,300	USD	157,120		11/08/2017		153,907		(3,213	)
	AUD	1,505,622	USD	1,194,512		12/20/2017		1,179,914		(14,598	)
	CAD	258,925	USD	212,739		11/06/2017		207,562		(5,177	)
	CAD	1,280,922	USD	1,046,800		12/20/2017		1,027,108		(19,692	)
	EUR	419,457	CHF	482,385		12/20/2017		497,979		(2,891	)
	EUR	495,250	GBP	441,199		12/20/2017		587,960		(4,707	)
	EUR	565,806	USD	678,687		12/20/2017		671,725		(6,962	)
	GBP	627,089	EUR	710,000		12/20/2017		842,376		(536	)
	GBP	714,510	USD	971,559		12/20/2017		959,810		(11,749	)
	JPY	9,455,940	EUR	71,626		12/20/2017		84,368		(665	)
	JPY	4,878,705	GBP	33,421		12/20/2017		43,529		(1,366	)
	JPY	11,613,101	USD	106,619		10/25/2017		103,319		(3,300	)
	JPY	85,090,008	USD	772,845		12/20/2017		759,197		(13,648	)
	NOK	8,858,226	EUR	945,226		12/20/2017		1,114,252		(7,920	)
	NOK	424,459	GBP	40,007		12/20/2017		53,392		(351	)
	NOK	614,225	USD	78,652		12/20/2017		77,262		(1,390	)
	NZD	116,365	EUR	71,000		12/20/2017		83,921		(371	)
	NZD	1,357,657	USD	987,901		12/20/2017		979,122		(8,779	)
	SEK	21,716,107	EUR	2,275,093		12/20/2017		2,678,877		(22,112	)
	SEK	875,990	USD	110,337		10/19/2017		107,648		(2,689	)
	SEK	544,463	USD	68,253		12/20/2017		67,165		(1,088	)
	USD	155,683	AUD	199,253		12/20/2017		156,148		(465	)
	USD	85,000	CHF	82,159		12/20/2017		85,308		(308	)
	USD	834,893	EUR	707,773		10/12/2017		836,928		(2,035	)
	USD	325,304	EUR	274,608		12/20/2017		326,015		(711	)
	USD	434,998	GBP	324,258		11/16/2017		435,108		(110	)
	USD	263,380	GBP	198,032		12/20/2017		266,018		(2,638	)
	USD	411,009	JPY	46,218,761		12/20/2017		412,376		(1,367	)
	USD	166,207	NZD	231,605		12/20/2017		167,031		(824	)
TOTAL									$	(142,696	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At September 30, 2017, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
FHLMC		3.500	%	TBA-30yr		12/31/2049	$	(1000000	)	$	(1,031,094	)
GNMA		4.000		TBA-30yr		10/15/2047		(1000000	)		(1,052,969	)
TOTAL (Proceeds Received: $2,091,016)										$	(2,084,063	)

(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, 2017, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Euro-Bund		2	12/07/2017	$	380,595		$	(2,366	)
U.S. Treasury 10 Year Ultra Note		7	12/19/2017		940,297			(11,075	)
U.S. Treasury 2 Year Note		37	12/29/2017		7,981,016			(22,499	)
U.S. Treasury 5 Year Note		60	12/29/2017		7,050,000			(54,827	)
U.S. Treasury Long Bond		16	12/19/2017		2,445,000			(39,343	)
Total							$	(130,110	)
Short position contracts:
3 Month Eurodollar		(14)	12/17/2018		(3,434,725	)		(1,213	)
Euro-BTP		(2)	12/07/2017		(319,018	)		598
U.S. Treasury 10 Year Note		(38)	12/19/2017		(4,761,875	)		51,232
U.S. Treasury Ultra Bond		(10)	12/19/2017		(1,651,250	)		28,414
Total							$	79,031
Total futures contracts							$	(51,079	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2017, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund		Termination Date		Notional Amount			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3 Month STIBOR(a)		0.050%		06/15/2018	SEK	9,470,000		$	4,553		$	3,337		$	1,216
3 Month STIBOR(a)		(0.330)		09/15/2018	SEK	9,950,000			1,043			50			993
3 Month STIBOR(a)		(0.100)		06/29/2019	SEK	19,490,000	(b)		129			(331	)		460
2.500%(c)		6 Month BBR		12/20/2022	AUD	830,000	(b)		4,843			(1,103	)		5,946
1.500(d)		6 Month EURIBOR		08/31/2027	EUR	310,000	(b)		1,312			(519	)		1,831
2.500(c)		3 Month LIBOR		09/21/2027	USD	650,000	(b)		2,445			(229	)		2,674
6 Month EURIBOR(c)		1.000		12/20/2027	EUR	950,000	(b)		4,577			17,153			(12,576	)
1.250(c)		6 Month LIBOR		12/20/2027	GBP	490,000	(b)		12,965			(8,821	)		21,786
0.250(c)		6 Month LIBOR		12/20/2027	JPY	58,000,000	(b)		2,760			1,508			1,252
1.940(c)		6 Month LIBOR		01/11/2032	GBP	600,000	(b)		1,959			340			1,619
1.500(c)		6 Month LIBOR		12/20/2032	GBP	330,000	(b)		7,576			(8,630	)		16,206
1.750(c)		6 Month LIBOR		03/17/2037	GBP	1,160,000	(b)		25,565			(2,708	)		28,273
1.500(c)		6 Month LIBOR		12/20/2047	GBP	100,000	(b)		5,417			(2,051	)		7,468
2.560(c)		3 Month LIBOR		07/03/2048	USD	390,000	(b)		585			14			571
1 Day SONIA(d)		0.297		12/14/2017	GBP	26,420,000	(b)		(3,038	)		118			(3,156	)
6 Month LIBOR(c)		(0.554)		03/29/2019	CHF	3,210,000	(b)		(162	)		(29	)		(133	)
1.826(c)		3 Month LIBOR		05/11/2019	USD	2,230,000	(b)		(474	)		(340	)		(134	)
6 Month NIBOR(c)		1.000		09/20/2019	NOK	2,400,000			(449	)		(658	)		209
3 Month BA(c)		1.250		12/20/2019	CAD	2,590,000	(b)		(29,654	)		(30,719	)		1,065
2.000(c)		3 Month LIBOR		12/20/2019	USD	1,540,000	(b)		(5,956	)		(9,468	)		3,512
3 Month BA(c)		1.750		12/20/2022	CAD	950,000	(b)		(15,348	)		(15,768	)		420
6 Month EURIBOR(c)		0.250		12/20/2022	EUR	1,220,000	(b)		(4,041	)		48			(4,089	)
3 Month STIBOR(a)		0.500		12/20/2022	SEK	7,160,000	(b)		(1,805	)		1,452			(3,257	)
2.250(c)		3 Month LIBOR		12/20/2022	USD	1,390,000	(b)		(13,282	)		(22,795	)		9,513
2.143(c)		3 Month LIBOR		07/03/2023	USD	250,000	(b)		(11	)		(415	)		404
6 Month EURIBOR(c)		1.330		01/12/2027	EUR	760,000	(b)		(4,356	)		(6,372	)		2,016
6 Month LIBOR(c)		1.600		03/16/2027	GBP	1,610,000	(b)		(11,013	)		9,947			(20,960	)
3 Month LIBOR(a)		2.400		08/31/2027	USD	350,000	(b)		(2,727	)		(401	)		(2,326	)
3 Month BA(c)		2.500		09/21/2027	CAD	810,000	(b)		(5,401	)		(2,333	)		(3,068	)
3 Month BA(c)		2.000		12/20/2027	CAD	1,180,000	(b)		(37,045	)		(30,744	)		(6,301	)
2.500(c)		3 Month LIBOR		12/20/2027	USD	590,000	(b)		(10,008	)		(22,081	)		12,073
3 Month LIBOR(a)		2.378		07/03/2028	USD	940,000	(b)		(116	)		15			(131	)
								$	(69,157	)	$	(132,533	)	$	63,376

(a) Payments made quarterly.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2017.

(c) Payments made semi-annually.

(d) Payments made annually.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INFLATION-LINKED SWAP CONTRACTS:

Payments Made by the Fund(a)	Payments Received by the Fund		Termination Date		Notional Amount		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1 Month UK-RPI		3.370%		07/15/2022	GBP	280,000	$	(1,483	)	$	12		$	(1,495	)
1 Month UK-RPI		3.364		06/15/2027	GBP	130,000		(1,034	)		(358	)		(676	)
1 Month HICPXT		1.600		08/15/2032	EUR	230,000		(1,125	)		6			(1,131	)
							$	(3,642	)	$	(340	)	$	(3,302	)

(a) Payments made at maturity.

PURCHASED OPTIONS CONTRACTS — At September 30, 2017, the Fund had the following purchased options contracts:

Description

Counterparty

Exercise Price/ FX Rate

Expiration Date

Number of Contracts

Notional Amount

Value

Premiums Paid (Received) by the Fund

Unrealized Appreciation/ (Depreciation)

Purchased option contracts:

Puts

Mid-Curve 1-Year Eurodollar

Goldman Sachs & Co. LLC

98.00 USD

06/15/2018

USD

13

3,250,000

$

5,037

$

3,604

$

1,433

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.2%
	Automobiles & Components – 0.7%
	1,556	BorgWarner, Inc.	$         79,714
	2,151	Delphi Automotive plc	211,658
	30,782	Ford Motor Co.	368,461
	10,361	General Motors Co.	418,377
	1,969	Goodyear Tire & Rubber Co. (The)	65,469
	1,380	Harley-Davidson, Inc.	66,530
			1,210,209
	Banks – 6.4%
	77,911	Bank of America Corp.	1,974,265
	6,359	BB&T Corp.	298,491
	21,626	Citigroup, Inc.	1,573,075
	4,082	Citizens Financial Group, Inc.	154,585
	1,406	Comerica, Inc.	107,222
	5,761	Fifth Third Bancorp	161,193
	8,596	Huntington Bancshares, Inc.	120,000
	27,860	JPMorgan Chase & Co.	2,660,909
	8,480	KeyCorp	159,594
	1,216	M&T Bank Corp.	195,825
	2,617	People’s United Financial, Inc.	47,472
	3,785	PNC Financial Services Group, Inc. (The)	510,104
	9,437	Regions Financial Corp.	143,725
	3,760	SunTrust Banks, Inc.	224,735
	12,640	US Bancorp	677,378
	35,423	Wells Fargo & Co.	1,953,578
	1,582	Zions Bancorporation	74,639
			11,036,790
	Capital Goods – 7.4%
	4,746	3M Co.	996,185
	1,186	A.O. Smith Corp.	70,484
	343	Acuity Brands, Inc.	58,749
	740	Allegion plc	63,988
	1,824	AMETEK, Inc.	120,457
	2,985	Arconic, Inc.	74,267
	4,407	Boeing Co. (The)	1,120,303
	4,709	Caterpillar, Inc.	587,259
	1,251	Cummins, Inc.	210,206
	2,543	Deere & Co.	319,375
	1,236	Dover Corp.	112,958
	3,498	Eaton Corp. plc	268,611
	5,041	Emerson Electric Co.	316,776
	2,368	Fastenal Co.	107,933
	1,025	Flowserve Corp.	43,655
	1,113	Fluor Corp.	46,857
	2,454	Fortive Corp.	173,719
	1,257	Fortune Brands Home & Security, Inc.	84,508
	2,201	General Dynamics Corp.	452,482
	68,511	General Electric Co.	1,656,596
	6,023	Honeywell International, Inc.	853,700
	2,484	Illinois Tool Works, Inc.	367,533
	2,051	Ingersoll-Rand plc	182,888
	1,006	Jacobs Engineering Group, Inc.	58,620
	7,337	Johnson Controls International plc	295,608
	613	L3 Technologies, Inc.	115,508
	1,994	Lockheed Martin Corp.	618,718
	2,528	Masco Corp.	98,617
	1,393	Northrop Grumman Corp.	400,794
	2,759	PACCAR, Inc.	199,586
	1,062	Parker-Hannifin Corp.	185,871

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	1,321	Pentair plc	$         89,775
	1,227	Quanta Services, Inc.*	45,853
	2,286	Raytheon Co.	426,522
	1,037	Rockwell Automation, Inc.	184,804
	1,288	Rockwell Collins, Inc.	168,354
	812	Roper Technologies, Inc.	197,641
	478	Snap-on, Inc.	71,227
	1,213	Stanley Black & Decker, Inc.	183,127
	2,126	Textron, Inc.	114,549
	373	TransDigm Group, Inc.	95,357
	692	United Rentals, Inc.*	96,008
	5,875	United Technologies Corp.	681,970
	415	WW Grainger, Inc.	74,596
	1,425	Xylem, Inc.	89,248
			12,781,842
	Commercial & Professional Services – 0.6%
	697	Cintas Corp.	100,563
	957	Equifax, Inc.	101,432
	2,597	IHS Markit Ltd.*	114,476
	2,741	Nielsen Holdings plc	113,615
	1,870	Republic Services, Inc.	123,532
	1,037	Robert Half International, Inc.	52,203
	647	Stericycle, Inc.*	46,338
	1,243	Verisk Analytics, Inc.*	103,405
	3,237	Waste Management, Inc.	253,360
			1,008,924
	Consumer Durables & Apparel – 1.1%
	2,290	Coach, Inc.	92,241
	2,680	DR Horton, Inc.	107,012
	923	Garmin Ltd.	49,814
	3,009	Hanesbrands, Inc.	74,142
	886	Hasbro, Inc.	86,536
	1,075	Leggett & Platt, Inc.	51,310
	1,593	Lennar Corp. Class A	84,110
	2,776	Mattel, Inc.	42,973
	1,268	Michael Kors Holdings Ltd.*	60,674
	498	Mohawk Industries, Inc.*	123,260
	3,891	Newell Brands, Inc.	166,029
	10,365	NIKE, Inc. Class B	537,425
	2,176	PulteGroup, Inc.	59,470
	625	PVH Corp.	78,788
	413	Ralph Lauren Corp.	36,464
	1,605	Under Armour, Inc. Class A*(a)	26,450
	1,616	Under Armour, Inc. Class C*(a)	24,272
	2,570	VF Corp.	163,375
	589	Whirlpool Corp.	108,635
			1,972,980
	Consumer Services – 1.8%
	3,199	Carnival Corp.	206,559
	191	Chipotle Mexican Grill, Inc.*	58,796
	1,000	Darden Restaurants, Inc.	78,780
	1,623	H&R Block, Inc.	42,977
	1,673	Hilton Worldwide Holdings, Inc.	116,190
	2,450	Marriott International, Inc. Class A	270,137
	6,415	McDonald’s Corp.	1,005,102
	3,888	MGM Resorts International	126,710
	1,323	Royal Caribbean Cruises Ltd.	156,828
	11,417	Starbucks Corp.	613,207
	825	Wyndham Worldwide Corp.	86,963

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	656	Wynn Resorts Ltd.	$         97,692
	2,660	Yum Brands, Inc.	195,803
			3,055,744
	Diversified Financials – 5.4%
	458	Affiliated Managers Group, Inc.	86,942
	5,804	American Express Co.	525,030
	1,217	Ameriprise Financial, Inc.	180,737
	8,154	Bank of New York Mellon Corp. (The)	432,325
	15,235	Berkshire Hathaway, Inc. Class B*	2,792,880
	973	BlackRock, Inc.	435,019
	3,886	Capital One Financial Corp.	328,989
	896	CBOE Holdings, Inc.	96,436
	9,412	Charles Schwab Corp. (The)	411,681
	2,714	CME Group, Inc.	368,236
	2,914	Discover Financial Services	187,895
	2,263	E*TRADE Financial Corp.*	98,689
	2,549	Franklin Resources, Inc.	113,456
	2,849	Goldman Sachs Group, Inc. (The)(b)	675,754
	4,634	Intercontinental Exchange, Inc.	318,356
	3,275	Invesco Ltd.	114,756
	2,680	Leucadia National Corp.	67,670
	1,334	Moody’s Corp.	185,706
	11,174	Morgan Stanley	538,252
	905	Nasdaq, Inc.	70,201
	2,165	Navient Corp.	32,518
	1,740	Northern Trust Corp.	159,958
	993	Raymond James Financial, Inc.	83,740
	2,062	S&P Global, Inc.	322,311
	2,789	State Street Corp.	266,461
	5,848	Synchrony Financial	181,580
	1,952	T. Rowe Price Group, Inc.	176,949
			9,252,527
	Energy – 6.0%
	4,390	Anadarko Petroleum Corp.	214,452
	1,123	Andeavor	115,838
	3,059	Apache Corp.	140,102
	3,460	Baker Hughes a GE Co.	126,705
	3,676	Cabot Oil & Gas Corp.	98,333
	5,166	Chesapeake Energy Corp.*(a)	22,214
	14,988	Chevron Corp.	1,761,090
	760	Cimarex Energy Co.	86,389
	1,139	Concho Resources, Inc.*	150,029
	9,608	ConocoPhillips	480,880
	4,184	Devon Energy Corp.	153,595
	4,618	EOG Resources, Inc.	446,745
	1,437	EQT Corp.	93,750
	33,534	Exxon Mobil Corp.	2,749,117
	6,848	Halliburton Co.	315,214
	897	Helmerich & Payne, Inc.(a)	46,743
	2,186	Hess Corp.	102,502
	15,290	Kinder Morgan, Inc.	293,262
	6,824	Marathon Oil Corp.	92,533
	3,977	Marathon Petroleum Corp.	223,030
	3,080	National Oilwell Varco, Inc.	110,048
	1,619	Newfield Exploration Co.*	48,036
	3,593	Noble Energy, Inc.	101,898
	6,047	Occidental Petroleum Corp.	388,278
	2,965	ONEOK, Inc.	164,291
	3,387	Phillips 66	310,283

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	1,358	Pioneer Natural Resources Co.	$       200,359
	1,521	Range Resources Corp.	29,766
	11,026	Schlumberger Ltd.	769,174
	3,395	TechnipFMC plc*	94,788
	3,466	Valero Energy Corp.	266,639
	6,532	Williams Cos., Inc. (The)	196,025
			10,392,108
	Food & Staples Retailing – 1.8%
	3,460	Costco Wholesale Corp.	568,443
	8,040	CVS Health Corp.	653,813
	7,004	Kroger Co. (The)	140,500
	3,914	Sysco Corp.	211,160
	7,316	Walgreens Boots Alliance, Inc.	564,942
	11,606	Wal-Mart Stores, Inc.	906,893
			3,045,751
	Food, Beverage & Tobacco – 4.6%
	15,192	Altria Group, Inc.	963,477
	4,547	Archer-Daniels-Midland Co.	193,293
	1,436	Brown-Forman Corp. Class B	77,975
	1,507	Campbell Soup Co.	70,558
	30,468	Coca-Cola Co. (The)	1,371,365
	3,225	Conagra Brands, Inc.	108,811
	1,374	Constellation Brands, Inc. Class A	274,044
	1,477	Dr. Pepper Snapple Group, Inc.	130,670
	4,633	General Mills, Inc.	239,804
	1,108	Hershey Co. (The)	120,960
	2,176	Hormel Foods Corp.	69,937
	878	JM Smucker Co. (The)	92,128
	2,011	Kellogg Co.	125,426
	4,698	Kraft Heinz Co. (The)	364,330
	926	McCormick & Co., Inc. (Non-Voting)	95,045
	1,484	Molson Coors Brewing Co. Class B	121,154
	12,021	Mondelez International, Inc. Class A	488,774
	3,219	Monster Beverage Corp.*	177,850
	11,354	PepsiCo, Inc.	1,265,176
	12,347	Philip Morris International, Inc.	1,370,640
	2,307	Tyson Foods, Inc. Class A	162,528
			7,883,945
	Health Care Equipment & Services – 5.6%
	13,770	Abbott Laboratories	734,767
	2,637	Aetna, Inc.	419,309
	560	Align Technology, Inc.*	104,311
	1,339	AmerisourceBergen Corp.	110,802
	2,067	Anthem, Inc.	392,482
	3,898	Baxter International, Inc.	244,600
	1,817	Becton Dickinson and Co.	356,041
	10,923	Boston Scientific Corp.*	318,624
	2,492	Cardinal Health, Inc.	166,765
	1,386	Centene Corp.*	134,123
	2,394	Cerner Corp.*	170,740
	1,981	Cigna Corp.	370,328
	395	Cooper Cos., Inc. (The)	93,658
	588	CR Bard, Inc.	188,454
	4,874	Danaher Corp.	418,092
	1,218	DaVita, Inc.*	72,337
	1,815	DENTSPLY SIRONA, Inc.	108,555
	1,687	Edwards Lifesciences Corp.*	184,406
	912	Envision Healthcare Corp.*	40,994

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	4,544	Express Scripts Holding Co.*	$       287,726
	2,295	HCA Healthcare, Inc.*	182,659
	1,242	Henry Schein, Inc.*	101,832
	2,080	Hologic, Inc.*	76,315
	1,144	Humana, Inc.	278,713
	716	IDEXX Laboratories, Inc.*	111,331
	293	Intuitive Surgical, Inc.*	306,443
	803	Laboratory Corp. of America Holdings*	121,229
	1,688	McKesson Corp.	259,294
	10,739	Medtronic plc	835,172
	642	Patterson Cos., Inc.	24,813
	1,088	Quest Diagnostics, Inc.	101,880
	1,142	ResMed, Inc.	87,888
	2,483	Stryker Corp.	352,636
	7,662	UnitedHealth Group, Inc.	1,500,603
	730	Universal Health Services, Inc. Class B	80,986
	711	Varian Medical Systems, Inc.*	71,143
	1,632	Zimmer Biomet Holdings, Inc.	191,091
			9,601,142
	Household & Personal Products – 1.8%
	2,035	Church & Dwight Co., Inc.	98,596
	1,035	Clorox Co. (The)	136,527
	7,040	Colgate-Palmolive Co.	512,864
	3,784	Coty, Inc. Class A	62,550
	1,767	Estee Lauder Cos., Inc. (The) Class A	190,553
	2,835	Kimberly-Clark Corp.	333,623
	20,236	Procter & Gamble Co. (The)	1,841,071
			3,175,784
	Insurance – 2.7%
	3,129	Aflac, Inc.	254,669
	2,841	Allstate Corp. (The)	261,116
	6,962	American International Group, Inc.	427,397
	2,004	Aon plc	292,784
	1,466	Arthur J Gallagher & Co.	90,232
	463	Assurant, Inc.	44,226
	795	Brighthouse Financial, Inc.*	48,336
	3,718	Chubb Ltd.	530,001
	1,225	Cincinnati Financial Corp.	93,798
	335	Everest Re Group Ltd.	76,511
	2,914	Hartford Financial Services Group, Inc. (The)	161,523
	1,806	Lincoln National Corp.	132,705
	2,262	Loews Corp.	108,259
	4,095	Marsh & McLennan Cos., Inc.	343,202
	8,398	MetLife, Inc.	436,276
	2,104	Principal Financial Group, Inc.	135,371
	4,601	Progressive Corp. (The)	222,781
	3,412	Prudential Financial, Inc.	362,764
	905	Torchmark Corp.	72,482
	2,173	Travelers Cos., Inc. (The)	266,236
	1,797	Unum Group	91,881
	1,018	Willis Towers Watson plc	157,006
	2,055	XL Group Ltd.	81,070
			4,690,626
	Materials – 3.0%
	1,710	Air Products & Chemicals, Inc.	258,586

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	874	Albemarle Corp.	$       119,135
	688	Avery Dennison Corp.	67,658
	2,742	Ball Corp.	113,245
	1,827	CF Industries Holdings, Inc.	64,237
	18,548	DowDuPont, Inc.	1,284,078
	1,141	Eastman Chemical Co.	103,249
	2,048	Ecolab, Inc.	263,393
	1,065	FMC Corp.	95,115
	10,104	Freeport-McMoRan, Inc.*	141,860
	653	International Flavors & Fragrances, Inc.	93,320
	3,291	International Paper Co.	186,995
	2,547	LyondellBasell Industries NV Class A	252,280
	509	Martin Marietta Materials, Inc.	104,971
	3,488	Monsanto Co.	417,932
	2,830	Mosaic Co. (The)	61,100
	4,246	Newmont Mining Corp.	159,268
	2,544	Nucor Corp.	142,566
	759	Packaging Corp. of America	87,042
	2,063	PPG Industries, Inc.	224,166
	2,257	Praxair, Inc.	315,393
	1,601	Sealed Air Corp.	68,395
	651	Sherwin-Williams Co. (The)	233,084
	1,082	Vulcan Materials Co.	129,407
	2,063	WestRock Co.	117,034
			5,103,509
	Media – 2.8%
	2,958	CBS Corp. (Non-Voting) Class B	171,564
	1,601	Charter Communications, Inc. Class A*	581,836
	37,211	Comcast Corp. Class A	1,431,879
	1,181	Discovery Communications, Inc. Class A*	25,144
	1,693	Discovery Communications, Inc. Class C*	34,300
	1,800	DISH Network Corp. Class A*	97,614
	3,281	Interpublic Group of Cos., Inc. (The)	68,212
	3,213	News Corp. Class A	42,604
	1,017	News Corp. Class B	13,882
	1,865	Omnicom Group, Inc.	138,141
	742	Scripps Networks Interactive, Inc. Class A	63,730
	6,187	Time Warner, Inc.	633,858
	8,502	Twenty-First Century Fox, Inc. Class A	224,283
	3,394	Twenty-First Century Fox, Inc. Class B	87,531
	2,857	Viacom, Inc. Class B	79,539
	12,270	Walt Disney Co. (The)	1,209,454
			4,903,571
	Pharmaceuticals, Biotechnology & Life Sciences – 8.8%
	12,627	AbbVie, Inc.	1,122,035
	2,507	Agilent Technologies, Inc.	160,949
	1,796	Alexion Pharmaceuticals, Inc.*	251,961
	2,663	Allergan plc	545,782
	5,788	Amgen, Inc.	1,079,173
	1,673	Biogen, Inc.*	523,850
	12,998	Bristol-Myers Squibb Co.	828,492
	6,226	Celgene Corp.*	907,875

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	7,648	Eli Lilly & Co.	$       654,210
	10,337	Gilead Sciences, Inc.	837,504
	1,162	Illumina, Inc.*	231,470
	1,335	Incyte Corp.*	155,848
	21,251	Johnson & Johnson	2,762,842
	21,634	Merck & Co., Inc.	1,385,225
	208	Mettler-Toledo International, Inc.*	130,241
	4,263	Mylan NV*	133,730
	857	PerkinElmer, Inc.	59,107
	1,026	Perrigo Co. plc	86,851
	47,211	Pfizer, Inc.	1,685,433
	1,097	Quintiles IMS Holdings, Inc.*	104,292
	605	Regeneron Pharmaceuticals, Inc.*	270,508
	3,115	Thermo Fisher Scientific, Inc.	589,358
	1,988	Vertex Pharmaceuticals, Inc.*	302,256
	645	Waters Corp.*	115,790
	3,885	Zoetis, Inc.	247,708
			15,172,490
	Real Estate – 2.9%
	743	Alexandria Real Estate Equities, Inc. (REIT)	88,395
	3,395	American Tower Corp. (REIT)	464,029
	1,262	Apartment Investment & Management Co. Class A (REIT)	55,351
	1,095	AvalonBay Communities, Inc. (REIT)	195,370
	1,235	Boston Properties, Inc. (REIT)	151,757
	2,492	CBRE Group, Inc. Class A*	94,397
	3,133	Crown Castle International Corp. (REIT)	313,237
	1,627	Digital Realty Trust, Inc. (REIT)	192,523
	2,864	Duke Realty Corp. (REIT)	82,541
	598	Equinix, Inc. (REIT)	266,887
	2,917	Equity Residential (REIT)	192,318
	515	Essex Property Trust, Inc. (REIT)	130,825
	1,008	Extra Space Storage, Inc. (REIT)	80,559
	562	Federal Realty Investment Trust (REIT)	69,806
	4,808	GGP, Inc. (REIT)	99,862
	3,709	HCP, Inc. (REIT)	103,222
	5,845	Host Hotels & Resorts, Inc. (REIT)	108,074
	1,967	Iron Mountain, Inc. (REIT)	76,516
	3,427	Kimco Realty Corp. (REIT)	66,998
	917	Macerich Co. (The) (REIT)	50,408
	925	Mid-America Apartment Communities, Inc. (REIT)	98,864
	4,246	Prologis, Inc. (REIT)	269,451
	1,200	Public Storage (REIT)	256,788
	2,160	Realty Income Corp. (REIT)	123,530
	1,137	Regency Centers Corp. (REIT)	70,540
	963	SBA Communications Corp. (REIT)*	138,720
	2,448	Simon Property Group, Inc. (REIT)	394,153
	760	SL Green Realty Corp. (REIT)	77,003
	2,104	UDR, Inc. (REIT)	80,015
	2,801	Ventas, Inc. (REIT)	182,429
	1,416	Vornado Realty Trust (REIT)	108,862
	2,898	Welltower, Inc. (REIT)	203,671
	6,040	Weyerhaeuser Co. (REIT)	205,541
			5,092,642

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – 5.3%
	607	Advance Auto Parts, Inc.	$         60,214
	3,157	Amazon.com, Inc.*	3,034,982
	222	AutoZone, Inc.*	132,115
	2,110	Best Buy Co., Inc.	120,186
	1,465	CarMax, Inc.*	111,062
	1,985	Dollar General Corp.	160,884
	1,923	Dollar Tree, Inc.*	166,955
	972	Expedia, Inc.	139,910
	1,065	Foot Locker, Inc.	37,509
	1,834	Gap, Inc. (The)	54,158
	1,137	Genuine Parts Co.	108,754
	9,326	Home Depot, Inc. (The)	1,525,361
	1,416	Kohl’s Corp.	64,640
	1,960	L Brands, Inc.	81,556
	2,396	LKQ Corp.*	86,232
	6,680	Lowe’s Cos., Inc.	533,999
	2,445	Macy’s, Inc.	53,350
	3,437	Netflix, Inc.*	623,300
	849	Nordstrom, Inc.	40,030
	686	O’Reilly Automotive, Inc.*	147,744
	387	Priceline Group, Inc. (The)*	708,527
	3,108	Ross Stores, Inc.	200,684
	442	Signet Jewelers Ltd.	29,415
	4,293	Target Corp.	253,330
	828	Tiffany & Co.	75,994
	5,017	TJX Cos., Inc. (The)	369,903
	984	Tractor Supply Co.	62,277
	829	TripAdvisor, Inc.*	33,599
	456	Ulta Beauty, Inc.*	103,083
			9,119,753
	Semiconductors & Semiconductor Equipment – 3.7%
	6,445	Advanced Micro Devices, Inc.*	82,174
	2,926	Analog Devices, Inc.	252,133
	8,549	Applied Materials, Inc.	445,317
	3,205	Broadcom Ltd.	777,341
	37,244	Intel Corp.	1,418,252
	1,275	KLA-Tencor Corp.	135,150
	1,281	Lam Research Corp.	237,036
	1,737	Microchip Technology, Inc.	155,948
	8,856	Micron Technology, Inc.*	348,306
	4,723	NVIDIA Corp.	844,331
	1,028	Qorvo, Inc.*	72,659
	11,715	QUALCOMM, Inc.	607,306
	1,478	Skyworks Solutions, Inc.	150,608
	7,841	Texas Instruments, Inc.	702,867
	2,000	Xilinx, Inc.	141,660
			6,371,088
	Software & Services – 13.8%
	4,919	Accenture plc Class A	664,409
	6,001	Activision Blizzard, Inc.	387,125
	3,901	Adobe Systems, Inc.*	581,951
	1,353	Akamai Technologies, Inc.*	65,918
	372	Alliance Data Systems Corp.	82,417
	2,355	Alphabet, Inc. Class A*	2,293,111
	2,389	Alphabet, Inc. Class C*	2,291,314
	698	ANSYS, Inc.*	85,666
	1,742	Autodesk, Inc.*	195,557
	3,504	Automatic Data Processing, Inc.	383,057
	2,472	CA, Inc.	82,515
	2,227	Cadence Design Systems, Inc.*	87,900

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	1,194	Citrix Systems, Inc.*	$       91,723
	4,682	Cognizant Technology Solutions Corp. Class A	339,632
	1,121	CSRA, Inc.	36,175
	2,273	DXC Technology Co.	195,205
	7,848	eBay, Inc.*	301,834
	2,462	Electronic Arts, Inc.*	290,664
	18,769	Facebook, Inc. Class A*	3,207,059
	2,641	Fidelity National Information Services, Inc.	246,643
	1,651	Fiserv, Inc.*	212,913
	748	Gartner, Inc.*	93,059
	1,203	Global Payments, Inc.	114,321
	6,791	International Business Machines Corp.	985,238
	1,950	Intuit, Inc.	277,173
	7,396	Mastercard, Inc. Class A	1,044,315
	61,004	Microsoft Corp.	4,544,188
	23,871	Oracle Corp.	1,154,163
	2,565	Paychex, Inc.	153,797
	8,947	PayPal Holdings, Inc.*	572,876
	1,405	Red Hat, Inc.*	155,758
	5,335	salesforce.com, Inc.*	498,396
	4,969	Symantec Corp.	163,033
	1,181	Synopsys, Inc.*	95,106
	1,361	Total System Services, Inc.	89,146
	706	VeriSign, Inc.*	75,111
	14,521	Visa, Inc. Class A	1,528,190
	3,541	Western Union Co. (The)	67,987
			23,734,645
	Technology Hardware & Equipment – 5.6%
	2,426	Amphenol Corp. Class A	205,337
	40,917	Apple, Inc.	6,306,128
	39,738	Cisco Systems, Inc.	1,336,389
	7,085	Corning, Inc.	211,983
	530	F5 Networks, Inc.*	63,897
	1,120	FLIR Systems, Inc.	43,579
	960	Harris Corp.	126,413
	13,249	Hewlett Packard Enterprise Co.	194,893
	13,130	HP, Inc.	262,075
	3,102	Juniper Networks, Inc.	86,329
	1,293	Motorola Solutions, Inc.	109,737
	2,164	NetApp, Inc.	94,696
	2,413	Seagate Technology plc	80,039
	2,811	TE Connectivity Ltd.	233,482
	2,331	Western Digital Corp.	201,398
	1,790	Xerox Corp.	59,589
			9,615,964
	Telecommunication Services – 2.1%
	48,644	AT&T, Inc.	1,905,385
	4,447	CenturyLink, Inc.(a)	84,048
	2,344	Level 3 Communications, Inc.*	124,912
	32,277	Verizon Communications, Inc.	1,597,389
			3,711,734
	Transportation – 2.2%
	959	Alaska Air Group, Inc.	73,143
	3,450	American Airlines Group, Inc.	163,841
	1,168	CH Robinson Worldwide, Inc.	88,885
	7,213	CSX Corp.	391,377

Shares		Description	Value
	Common Stocks – (continued)
	Transportation – (continued)
	5,302	Delta Air Lines, Inc.	$       255,663
	1,416	Expeditors International of Washington, Inc.	84,762
	1,958	FedEx Corp.	441,686
	667	JB Hunt Transport Services, Inc.	74,090
	827	Kansas City Southern	89,878
	2,314	Norfolk Southern Corp.	306,003
	4,383	Southwest Airlines Co.	245,360
	6,340	Union Pacific Corp.	735,250
	2,015	United Continental Holdings, Inc.*	122,673
	5,447	United Parcel Service, Inc. Class B	654,130
			3,726,741
	Utilities – 3.1%
	5,392	AES Corp.	59,420
	1,855	Alliant Energy Corp.	77,112
	1,901	Ameren Corp.	109,954
	3,956	American Electric Power Co., Inc.	277,869
	1,405	American Water Works Co., Inc.	113,679
	3,551	CenterPoint Energy, Inc.	103,725
	2,283	CMS Energy Corp.	105,749
	2,413	Consolidated Edison, Inc.	194,681
	5,054	Dominion Energy, Inc.	388,804
	1,431	DTE Energy Co.	153,632
	5,516	Duke Energy Corp.	462,903
	2,602	Edison International	200,796
	1,465	Entergy Corp.	111,867
	2,578	Eversource Energy	155,814
	7,473	Exelon Corp.	281,508
	3,625	FirstEnergy Corp.	111,759
	3,728	NextEra Energy, Inc.	546,338
	2,594	NiSource, Inc.	66,381
	2,439	NRG Energy, Inc.	62,414
	4,048	PG&E Corp.	275,628
	870	Pinnacle West Capital Corp.	73,567
	5,487	PPL Corp.	208,232
	3,993	Public Service Enterprise Group, Inc.	184,676
	1,159	SCANA Corp.	56,200
	2,006	Sempra Energy	228,945
	7,904	Southern Co. (The)	388,403
	2,544	WEC Energy Group, Inc.	159,712
	3,993	Xcel Energy, Inc.	188,949
			5,348,717
	TOTAL COMMON STOCKS (Cost $67,162,870)		$171,009,226

Principal Amount	Interest Rate		Maturity Date	Value
Short-Term Investment – 0.0% (c)(d)
U.S Government Obligation – 0.0%
U.S. Treasury Bills
$50,000		0.000%	02/01/2018	$         49,821
(Cost $49,809)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $67,212,679)				$171,059,047

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle(b) – 0.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
196,550	0.927%	$       196,550
(Cost $196,550)
TOTAL INVESTMENTS – 99.3% (Cost $67,409,229)		$171,255,597
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%		1,120,624
NET ASSETS – 100.0%		$172,376,221

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	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, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2017, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	10		12/15/2017	$	1,258,050	$	15,127

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments

September 30, 2017 (Unaudited)

Shares		Description	Value
	Exchange Traded Funds – 35.1%
	199,644	iShares Core S&P 500 Fund	$  50,495,957
	873,174	iShares MSCI Emerging Markets Fund(a)	39,126,927
	201,862	Vanguard S&P 500 Fund	46,581,675
	TOTAL EXCHANGE TRADED FUNDS (Cost $114,870,272)		$136,204,559

Shares	Distribution Rate				Value
Investment Companies(b) – 54.6%
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Shares
47,765,619		0.867	%	12/31/49	$  47,765,619
Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Shares
47,765,619		0.859		12/31/49	47,765,619
Goldman Sachs Financial Square Government Fund — Institutional Shares
116,199,110		0.927			116,199,110
TOTAL INVESTMENT COMPANIES (Cost $211,730,348)					$211,730,348
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE					$347,934,907
Shares	Distribution Rate				Value
Securities Lending Reinvestment Vehicle (b) – 7.5%
Goldman Sachs Financial Square Government Fund — Institutional Shares
29,050,500		0.927%			$29,050,500
TOTAL INVESTMENTS – 97.2% (Cost $355,651,120)					$376,985,407
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.8%					10,897,708
NET ASSETS – 100.0%					$387,883,115

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2017, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index	616	12/15/2017	$	26,035,082	$	398,836
Euro-Bund	136	12/07/2017		25,880,490		(3,810	)
FTSE 100 Index	198	12/15/2017		19,446,629		(63,297	)
Japan 10 Year Bond	57	12/13/2017		76,160,409		(371,571	)
Russell 2000 E-Mini Index	86	12/15/2017		6,419,470		7,173
S&P 500 E-Mini Index	771	12/15/2017		96,995,655		433,062
TOPIX Index	135	12/07/2017		20,095,534		1,135,003
					$	1,535,396

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations – 22.8%
Federal Farm Credit Bank (1 Mo. LIBOR - 0.09%)
$	1,000,000		1.143	%(a)	03/28/19	$    1,000,000
Federal Farm Credit Bank (3 Mo. LIBOR - 0.14%)
	1,700,000		1.195	(a)(b)	09/30/19	1,699,830
Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.09%)(a)
	800,000		1.143		02/19/19	799,911
	800,000		1.138	(b)	07/05/19	799,972
Federal Farm Credit Bank (Prime Rate - 3.08%)(a)
	250,000		1.170		06/27/19	249,978
	1,600,000		1.170		07/17/19	1,599,713
Federal Farm Credit Bank (Prime Rate - 3.12%)
	1,000,000		1.130	(a)	01/24/19	999,855
Federal Home Loan Bank (1 Mo. LIBOR - 0.02%)
	3,000,000		1.223	(a)	12/26/17	3,000,000
Federal Home Loan Bank (1 Mo. LIBOR - 0.05%)
	2,800,000		1.186	(a)	07/13/18	2,800,000
Federal Home Loan Bank (1 Mo. LIBOR - 0.08%)
	13,000,000		1.157	(a)	03/19/19	13,000,000
Federal Home Loan Bank (1 Mo. LIBOR - 0.09%)
	1,200,000		1.147	(a)	01/14/19	1,200,000
Federal Home Loan Bank (1 Mo. LIBOR - 0.14%)
	1,300,000		1.094	(a)	05/18/18	1,300,000
Federal Home Loan Bank (1 Mo. LIBOR - 0.15%)
	1,700,000		1.089	(a)	05/18/18	1,700,000
Federal Home Loan Bank (1 Mo. LIBOR - 0.16%)
	6,300,000		1.074	(a)	01/16/18	6,300,000
Federal Home Loan Bank (1 Mo. LIBOR - 0.17%)(a)
	4,700,000		1.064		11/15/17	4,699,996
	5,000,000		1.064		11/16/17	5,000,000
	8,000,000		1.064		11/17/17	8,000,000
	5,500,000		1.072		01/19/18	5,500,000
	6,800,000		1.071		01/22/18	6,800,000
	3,400,000		1.072		01/23/18	3,400,000
	2,000,000		1.072		01/25/18	2,000,000
	6,000,000		1.073		01/26/18	6,000,000
Federal Home Loan Bank (1 Mo. LIBOR + 0.01%)(a)
	4,000,000		1.247		06/19/18	4,000,000
	2,710,000		1.244		06/28/18	2,710,000
Federal Home Loan Bank (3 Mo. LIBOR - 0.11%)
	2,000,000		1.207	(a)	02/05/18	2,000,000
Federal Home Loan Bank (3 Mo. LIBOR - 0.15%)(a)
	2,000,000		1.165		02/15/18	2,000,000
	3,000,000		1.165		02/22/18	3,000,000
Federal Home Loan Bank (3 Mo. LIBOR - 0.16%)
	1,800,000		1.154	(a)	03/01/18	1,800,384
Federal Home Loan Bank (3 Mo. LIBOR - 0.17%)(a)
	1,430,000		1.150		03/15/18	1,430,000
	1,430,000		1.151		03/16/18	1,429,967
Federal Home Loan Bank (3 Mo. LIBOR - 0.18%)
	1,500,000		1.137	(a)	11/08/17	1,500,000
Federal Home Loan Bank (3 Mo. LIBOR - 0.21%)
	1,500,000		1.114	(a)	12/19/17	1,500,000
Federal Home Loan Bank (3 Mo. LIBOR - 0.22%)(a)
	1,400,000		1.115		12/27/17	1,400,000
	4,000,000		1.108		03/23/18	4,000,000
	600,000		1.084		07/09/18	599,976
	800,000		1.084		07/12/18	799,969

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations – (continued)
Federal Home Loan Bank (3 Mo. LIBOR - 0.26%)
$	3,000,000		1.039	%(a)	10/02/17	$    3,000,000
Federal Home Loan Bank (3 Mo. LIBOR - 0.27%)
	2,500,000		1.029	(a)	10/02/17	2,500,000
Federal Home Loan Bank Discount Note
	9,200,000		1.160		01/19/18	9,168,122
Federal Home Loan Mortgage Corporation
	2,470,000		0.750		01/12/18	2,468,225
Federal Home Loan Mortgage Corporation (3 Mo. LIBOR - 0.03%)(a)
	3,000,000		1.274		01/08/18	3,000,000
	1,000,000		1.274		01/12/18	1,000,000
Federal Home Loan Mortgage Corporation (3 Mo. LIBOR - 0.08%)
	3,500,000		1.245	(a)	12/20/17	3,500,000
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$130,655,898
U.S. Treasury Obligations – 9.2%
United States Cash Management Bills
$	100,000		1.067	%	01/02/18	$         99,730
	600,000		1.072		01/02/18	598,373
United States Treasury Bills
	200,000		1.135		01/25/18	199,285
	6,000,000		1.145		01/25/18	5,978,347
	4,200,000		1.150		01/25/18	4,184,775
	3,000,000		1.072		02/01/18	2,989,237
	1,000,000		1.150		02/01/18	996,156
	300,000		1.130		02/08/18	298,803
	2,100,000		1.140		02/08/18	2,091,545
	200,000		1.114		02/22/18	199,128
	25,000,000		1.207		03/22/18	24,859,055
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.27%)
	2,000,000		1.325	(a)	01/31/18	2,001,979
United States Treasury Notes
	4,800,000		4.250		11/15/17	4,818,993
	800,000		2.250		11/30/17	801,629
	2,900,000		2.625		01/31/18	2,913,985
TOTAL U.S. TREASURY OBLIGATIONS						$  53,031,020
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$183,686,918
Repurchase Agreements(c) – 66.9%
Joint Repurchase Agreement Account III
$	383,400,000		1.067	%	10/02/17	$383,400,000
Maturity Value: $383,434,096
TOTAL INVESTMENTS – 98.9%						$567,086,918
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%						6,399,851
NET ASSETS – 100.0%						$573,486,769

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

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, 2017.
(b)	All or a portion represents a forward commitment.
(c)	Repurchase agreement was entered into on September 29, 2017. 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.

Investment Abbreviations:
LIBOR	— London Interbank Offered Rates
MMY	— Money Market Yield
Prime	— Federal Reserve Bank Prime Loan Rate US
T-Bill	— Treasury Bill
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, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.2%
	Automobiles & Components – 0.6%
	9,764	Delphi Automotive plc	$       960,778
	Banks – 3.8%
	36,208	Eagle Bancorp, Inc.*	2,427,747
	22,203	First Republic Bank	2,319,325
	26,108	SunTrust Banks, Inc.	1,560,475
			6,307,547
	Capital Goods – 18.0%
	40,887	Fortive Corp.	2,894,391
	27,337	Fortune Brands Home & Security, Inc.	1,837,867
	10,790	Hubbell, Inc.	1,251,856
	13,686	IDEX Corp.	1,662,438
	16,602	John Bean Technologies Corp.	1,678,462
	11,952	L3 Technologies, Inc.	2,252,115
	33,313	Middleby Corp. (The)*	4,269,727
	19,846	Roper Technologies, Inc.	4,830,516
	65,207	Sensata Technologies Holding NV*	3,134,501
	13,686	WABCO Holdings, Inc.*	2,025,528
	31,112	Welbilt, Inc.*	717,132
	59,913	Xylem, Inc.	3,752,351
			30,306,884
	Consumer Durables & Apparel – 1.4%
	18,096	PVH Corp.	2,281,182
	Consumer Services – 3.8%
	22,511	Bright Horizons Family Solutions, Inc.*	1,940,673
	53,042	Dunkin’ Brands Group, Inc.	2,815,470
	22,472	Yum Brands, Inc.	1,654,164
			6,410,307
	Diversified Financials – 7.2%
	10,066	Affiliated Managers Group, Inc.	1,910,829
	44,254	Intercontinental Exchange, Inc.	3,040,250
	40,029	Lazard Ltd. Class A	1,810,111
	14,236	MSCI, Inc.	1,664,188
	39,844	Northern Trust Corp.	3,662,859
			12,088,237
	Energy – 1.8%
	11,800	Concho Resources, Inc.*	1,554,296
	14,729	Diamondback Energy, Inc.*	1,442,853
			2,997,149
	Food, Beverage & Tobacco – 4.1%
	66,120	Blue Buffalo Pet Products, Inc.*(a)	1,874,502
	33,877	Brown-Forman Corp. Class B	1,839,521
	7,767	Hershey Co. (The)	847,924
	40,753	Monster Beverage Corp.*	2,251,603
			6,813,550
	Health Care Equipment & Services – 3.8%
	7,206	Cooper Cos., Inc. (The)	1,708,615
	27,148	Edwards Lifesciences Corp.*	2,967,548
	19,409	Nevro Corp.*	1,763,890
			6,440,053
	Materials – 5.3%
	14,090	Ashland Global Holdings, Inc.	921,345

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	30,434	Avery Dennison Corp.	$    2,992,879
	32,033	RPM International, Inc.	1,644,574
	3,889	Sherwin-Williams Co. (The)	1,392,418
	83,171	Valvoline, Inc.	1,950,360
			8,901,576
	Media – 1.4%
	43,780	Altice USA, Inc. Class A*	1,195,632
	19,840	CBS Corp. (Non-Voting) Class B	1,150,720
			2,346,352
	Pharmaceuticals, Biotechnology & Life Sciences – 12.7%
	23,617	ACADIA Pharmaceuticals, Inc.*(a)	889,652
	52,350	Agilent Technologies, Inc.	3,360,870
	5,841	Agios Pharmaceuticals, Inc.*	389,887
	33,515	Alkermes plc*	1,703,902
	47,351	Exelixis, Inc.*	1,147,315
	15,049	Illumina, Inc.*	2,997,761
	13,673	Incyte Corp.*	1,596,186
	4,747	Mettler-Toledo International, Inc.*	2,972,381
	16,446	Neurocrine Biosciences, Inc.*(a)	1,007,811
	15,758	Seattle Genetics, Inc.*	857,393
	5,342	Vertex Pharmaceuticals, Inc.*	812,198
	57,720	Zoetis, Inc.	3,680,227
			21,415,583
	Real Estate Investment Trusts – 2.7%
	4,512	Equinix, Inc.	2,013,705
	17,793	SBA Communications Corp.*	2,563,082
			4,576,787
	Retailing – 5.4%
	23,454	Expedia, Inc.	3,375,969
	21,563	Five Below, Inc.*	1,183,377
	45,864	Ross Stores, Inc.	2,961,438
	6,576	Ulta Beauty, Inc.*	1,486,571
			9,007,355
	Semiconductors & Semiconductor Equipment – 6.1%
	43,564	Advanced Micro Devices, Inc.*	555,441
	36,090	Analog Devices, Inc.	3,109,875
	18,455	Lam Research Corp.	3,414,913
	11,649	Qorvo, Inc.*	823,352
	33,195	Xilinx, Inc.	2,351,202
			10,254,783
	Software & Services – 15.8%
	18,533	Autodesk, Inc.*	2,080,515
	77,936	Black Knight Financial Services, Inc. Class A*(a)	3,355,145
	14,408	Electronic Arts, Inc.*	1,701,008
	25,603	Fiserv, Inc.*	3,301,763
	30,485	Global Payments, Inc.	2,896,989
	41,359	GoDaddy, Inc. Class A*	1,799,530
	20,813	Intuit, Inc.	2,958,360
	18,910	Red Hat, Inc.*	2,096,363
	11,346	ServiceNow, Inc.*	1,333,495
	20,134	Splunk, Inc.*	1,337,502
	38,953	Total System Services, Inc.	2,551,421
	6,919	Tyler Technologies, Inc.*	1,206,120
			26,618,211

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – 3.3%
	64,941	Amphenol Corp. Class A	$    5,496,606
	TOTAL COMMON STOCKS (Cost $118,222,830)		$163,222,940
Shares		Distribution Rate	Value
	Investment Company(b) – 1.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,916,114	0.927%	$    1,916,114
	(Cost $1,916,114)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $120,138,944)		$165,139,054
Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle(b) – 2.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	3,649,865	0.927%	$    3,649,865
	(Cost $3,649,865)
	TOTAL INVESTMENTS – 100.5% (Cost $123,788,809)		$168,788,919
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.5)%		(780,001)
	NET ASSETS – 100.0%		$168,008,918

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.
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

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – 7.9%
Adjustable Rate FHLMC(a) – 2.9%
$	204,595		3.533	%	05/01/35	$       214,844
	103,321		3.343		09/01/35	109,411
	223,196		3.485		12/01/36	235,764
	458,125		3.930		04/01/37	479,347
	498,034		3.192		01/01/38	526,565
	401,026		3.428		01/01/38	417,078
						1,983,009
Adjustable Rate FNMA(a) – 2.5%
	55,940		3.134		05/01/33	57,383
	189,332		3.208		05/01/35	200,256
	431,794		3.061		06/01/35	454,338
	661,946		3.172		11/01/35	692,231
	92,620		3.290		12/01/35	97,764
	296,097		3.519		03/01/37	313,016
						1,814,988
Adjustable Rate GNMA(a) – 0.5%
	311,991		2.625		04/20/33	319,958
Agency Multi-Family – 2.0%
FNMA
	172,710		2.800		03/01/18	172,577
	451,328		3.740		05/01/18	451,837
	110,000		3.840		05/01/18	110,338
	78,698		3.416		10/01/20	81,535
	74,063		3.619		12/01/20	77,297
	308,992		3.762		12/01/20	323,465
	175,556		4.381		06/01/21	187,923
						1,404,972
TOTAL MORTGAGE-BACKED SECURITIES (Cost $5,539,040)						$5,522,927
Collateralized Mortgage Obligations(a) – 39.2%
Agency Multi-Family – 6.0%
FHLMC Multifamily Structured Pass-Through Certificates Series KF02, Class A1
$	67,244		1.612	%	07/25/20	$         67,240
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF03, Class A
	117,122		1.572		01/25/21	117,085
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KS02, Class A
	1,010,193		1.612		08/25/23	1,010,189
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF32, Class A(b)
	1,499,917		1.602		05/25/24	1,507,199
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series J15L, Class AFL(b)
	1,498,102		1.582		08/25/25	1,496,524
						4,198,237
Regular Floater – 33.2%
FHLMC REMIC Series 3049, Class FP
	224,651		1.584		10/15/35	223,867
FHLMC REMIC Series 3208, Class FB(b)
	136,869		1.634		08/15/36	137,096
FHLMC REMIC Series 3208, Class FD(b)
	203,936		1.634		08/15/36	204,954

Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations(a) – (continued)
Regular Floater – (continued)
FHLMC REMIC Series 3208, Class FG(b)
$	821,216		1.634	%	08/15/36	$       825,316
FHLMC REMIC Series 3307, Class FT
	1,282,157		1.474		07/15/34	1,282,675
FHLMC REMIC Series 3311, Class KF(b)
	2,285,126		1.574		05/15/37	2,285,894
FHLMC REMIC Series 3371, Class FA(b)
	516,772		1.834		09/15/37	521,729
FHLMC REMIC Series 4174, Class FB(b)
	1,032,133		1.534		05/15/39	1,031,492
FHLMC REMIC Series 4320, Class FD
	476,930		1.634		07/15/39	478,431
FHLMC REMIC Series 4477, Class FG
	895,360		1.537		10/15/40	893,061
FHLMC REMIC Series 4508, Class CF
	469,017		1.634		09/15/45	470,118
FHLMC REMIC Series 4631, Class GF
	2,705,425		1.734		11/15/46	2,725,874
FHLMC REMIC Series 4637, Class QF(b)
	2,318,034		2.237		04/15/44	2,330,403
FNMA REMIC Series 2006-82, Class F
	278,825		1.807		09/25/36	281,019
FNMA REMIC Series 2006-96, Class FA
	706,671		1.537		10/25/36	706,026
FNMA REMIC Series 2007-33, Class HF
	121,742		1.587		04/25/37	122,025
FNMA REMIC Series 2007-36, Class F
	197,087		1.467		04/25/37	196,243
FNMA REMIC Series 2007-85, Class FC
	543,049		1.777		09/25/37	547,760
FNMA REMIC Series 2008-8, Class FB
	673,992		2.057		02/25/38	680,421
FNMA REMIC Series 2011-63, Class FG
	505,532		1.687		07/25/41	508,154
FNMA REMIC Series 2012-35, Class QF
	1,426,845		1.637		04/25/42	1,431,223
FNMA REMIC Series 2016-1, Class FT
	1,393,971		1.587		02/25/46	1,395,490
FNMA REMIC Series 2017-45, Class FA
	992,814		1.547		06/25/47	992,105
GNMA REMIC Series 2005-48, Class AF
	681,250		1.436		06/20/35	676,569
GNMA REMIC Series 2012-98, Class FA
	648,770		1.636		08/20/42	651,081
NCUA Guaranteed Notes Trust Series 2011-R1, Class 1A(b)
	1,588,627		1.681		01/08/20	1,591,668
						23,190,694
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $27,332,205)						$  27,388,931
Commercial Mortgage-Backed Security(a) – 0.0%
Agency Multi-Family – 0.0%
FNMA ACES REMIC Series 2013-M11, Class FA
$	4,277		1.567	%	01/25/18	$           4,275
(Cost $4,277)

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – 48.0%
Automobile(b) – 4.7%
Ally Master Owner Trust Series 2017-3, Class A1
$	1,350,000		1.664	%	06/15/22	$    1,351,662
Chesapeake Funding II LLC Series 2016-2A, Class A2(c)
	465,632		2.234		06/15/28	468,326
Chesapeake Funding II LLC Series 2017-3A, Class A2(c)
	550,000		1.574		08/15/29	550,648
GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2(c)
	900,000		1.664		07/15/22	901,315
						3,271,951
Collateralized Loan Obligations(c) – 8.7%
Apidos CLO X Series 2012-10A, Class A(b)
	225,032		2.731		10/30/22	225,267
BlueMountain CLO Ltd. Series 2014-2A, Class AR(b)
	350,000		2.237		07/20/26	351,386
Bowman Park CLO Ltd. Series 2014-1A, Class AR
	250,000		2.494		11/23/25	251,031
Cutwater Ltd. Series 2014-1A, Class A1AR(b)
	350,000		2.554		07/15/26	351,750
Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R(b)
	350,000		2.435		04/18/26	350,546
Jamestown CLO VII Ltd. Series 2015-7A, Class A1(b)
	1,300,000		2.864		07/25/27	1,300,620
Neuberger Berman CLO XIX Ltd. Series 2015-19A, Class A1R(b)
	350,000		2.354		07/15/27	350,979
OFSI Fund V Ltd. Series 2013-5A, Class A1LA(b)
	233,611		2.234		04/17/25	233,703
OFSI Fund VI Ltd. Series 2014-6A, Class A1(b)
	350,000		2.334		03/20/25	347,521
Parallel Ltd. Series 2015-1A, Class A(b)
	300,000		2.757		07/20/27	300,105
Sound Point CLO XI Ltd. Series 2016-1A, Class A(b)
	700,000		2.957		07/20/28	704,542
Voya CLO Ltd. Series 2014-4A, Class A1R(b)
	500,000		2.254		10/14/26	500,519
WhiteHorse IX Ltd. Series 2014-9A, Class AR(b)
	400,000		2.464		07/17/26	400,508
Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class A1(b)
	400,000		2.634		07/16/27	401,065
						6,069,542
Credit Card – 12.5%
BA Credit Card Trust Series 2014-A1, Class A
	1,000,000		1.614		06/15/21	1,004,015
Capital One Multi-Asset Execution Trust Series 2016-A1, Class A1(b)
	300,000		1.684		02/15/22	301,571
CARDS II Trust Series 2016-1A, Class A(b)(c)
	300,000		1.934		07/15/21	301,246
CARDS II Trust Series 2017-1A, Class A(c)
	300,000		1.604		04/18/22	300,736
Chase Issuance Trust Series 2013-A9, Class A(b)
	2,000,000		1.654		11/16/20	2,008,096

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Credit Card – (continued)
Citibank Credit Card Issuance Trust Series 2013-A7, Class A7(b)
$	900,000		1.665	%	09/10/20	$     903,449
Citibank Credit Card Issuance Trust Series 2017-A5, Class A5(b)
	1,400,000		1.856		04/22/26	1,414,074
Discover Card Execution Note Trust Series 2013-A1, Class A1(b)
	1,500,000		1.534		08/17/20	1,501,424
Evergreen Credit Card Trust Series 2016-1, Class A(b)(c)
	500,000		1.954		04/15/20	501,505
Trillium Credit Card Trust II Series 2016-1A, Class A(b)(c)
	500,000		1.958		05/26/21	500,762
						8,736,878
Student Loans – 22.1%
Academic Loan Funding Trust Series 2013-1A, Class A(b)(c)
	511,538		2.037		12/26/44	509,346
Access Group, Inc. Series 2015-1, Class A(b)(c)
	221,736		1.937		07/25/56	222,007
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	486,421		2.037		02/25/41	486,272
ECMC Group Student Loan Trust Series 2016-1A, Class A(b)(c)
	269,694		2.587		07/26/66	269,864
Edsouth Indenture No. 1 LLC Series 2010-1, Class A1(b)(c)
	561,344		2.164		07/25/23	561,705
Edsouth Indenture No. 4 LLC Series 2013-1, Class A(b)(c)
	86,210		1.807		02/26/29	85,948
Edsouth Indenture No. 5 LLC Series 2014-1, Class A(b)(c)
	277,791		1.937		02/25/39	274,260
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(c)
	273,497		2.037		06/25/26	273,781
Education Loan Asset-Backed Trust I Series 2013-1, Class A2(c)
	500,000		2.037		04/26/32	492,074
Educational Funding of the South, Inc. Series 2011-1, Class A2(b)
	549,359		1.964		04/25/35	548,080
Educational Funding of the South, Inc. Series 2012-1, Class A(b)
	370,323		2.287		03/25/36	372,191
EFS Volunteer No. 3 LLC Series 2012-1, Class A2(b)(c)
	639,893		2.237		02/25/25	641,180
GCO Education Loan Funding Master Trust-II Series 2006-2A, Class A3L(b)(c)
	11,537		1.437		08/25/28	11,536
GCO Education Loan Funding Trust Series 2006-1, Class A8L
	335,642		1.447		05/25/25	334,973
Goal Capital Funding Trust Series 2007-1, Class A3
	9,981		1.418		09/25/28	9,976
Higher Education Funding I Series 2005-1, Class A4
	19,010		1.457		02/25/30	19,005
Higher Education Funding I Series 2014-1, Class A(b)(c)
	272,737		2.367		05/25/34	271,645
Illinois Student Assistance Commission Series 2010-1, Class A3(b)
	200,000		2.214		07/25/45	200,652
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	672,642		1.987		12/01/31	671,292
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2(b)
	812,770		2.236		05/20/30	817,089
Navient Student Loan Trust Series 2016-2A, Class A1(b)(c)
	201,495		1.987		06/25/65	202,147
Navient Student Loan Trust Series 2016-5A, Class A(b)(c)
	1,231,387		2.487		06/25/65	1,256,085

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Student Loans – (continued)
Navient Student Loan Trust Series 2016-7A, Class A(b)(c)
$	271,302		2.387	%	03/25/66	$     274,589
Nelnet Student Loan Trust Series 2005-4, Class A3(b)
	35,256		1.417		06/22/26	35,244
Nelnet Student Loan Trust Series 2006-1, Class A5(b)
	1,148,087		1.424		08/23/27	1,144,864
Nelnet Student Loan Trust Series 2006-2, Class A5(b)
	335,545		1.414		01/25/30	335,104
Nelnet Student Loan Trust Series 2013-5A, Class A(b)(c)
	94,706		1.867		01/25/37	94,013
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3(b)
	200,000		2.164		10/25/37	195,628
North Carolina State Education Assistance Authority Series 2010-1, Class A1(b)
	119,481		2.214		07/25/41	119,061
Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2(b)
	307,907		2.249		07/01/24	309,252
Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3(b)
	598,520		1.454		10/25/35	577,694
Scholar Funding Trust Series 2010-A, Class A(b)(c)
	247,184		2.064		10/28/41	245,571
Scholar Funding Trust Series 2011-A, Class A(b)(c)
	242,524		2.214		10/28/43	241,997
SLM Student Loan Trust Series 2003-12, Class A5(b)(c)
	32,974		1.600		09/15/22	32,992
SLM Student Loan Trust Series 2003-14, Class A5(b)
	23,863		1.544		01/25/23	23,875
SLM Student Loan Trust Series 2005-5, Class A4(b)
	1,100,000		1.454		10/25/28	1,094,560
SLM Student Loan Trust Series 2005-9, Class A6(b)
	392,798		1.864		10/26/26	393,809
SLM Student Loan Trust Series 2006-2, Class A5(b)
	198,222		1.424		07/25/25	198,212
SLM Student Loan Trust Series 2007-1, Class A5(b)
	823,879		1.404		01/26/26	822,191
SLM Student Loan Trust Series 2008-5, Class A4(b)
	152,482		3.014		07/25/23	156,865
SLM Student Loan Trust Series 2013-3, Class A2(b)
	8,606		1.537		05/26/20	8,609
SLM Student Loan Trust Series 2014-1, Class A2(b)
	11,981		1.617		07/26/21	11,985
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2(b)
	116,362		2.149		10/01/24	116,789
Utah State Board of Regents Series 2015-1, Class A(b)
	433,266		1.837		02/25/43	432,295
Wachovia Student Loan Trust Series 2005-1, Class A5(b)
	34,901		1.444		01/26/26	34,890
						15,431,197
TOTAL ASSET-BACKED SECURITIES (Cost $33,362,144)						$33,509,568

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bond(b)(c)(d) – 0.1%
New York – 0.1%
Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017
	(1 Mo. LIBOR + 0.50%),
$	99,764		1.737	%	01/25/33	$     100,273
(Cost $99,764)
U.S. Treasury Obligation – 2.0%
U.S. Treasury Inflation Linked Notes (TIPS)
$	1,358,877		0.125	%	04/15/20	$  1,365,984
(Cost $1,365,230)
Shares		Distribution Rate				Value
Investment Company(e) – 0.5%
Goldman Sachs Financial Square Government Fund — Institutional Shares
$	375,593		0.927	%		$     375,593
(Cost $375,593)
TOTAL INVESTMENTS – 97.7% (Cost $68,078,253)						$68,267,551
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.3%						1,586,521
NET ASSETS – 100.0%						$69,854,072

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 disclosed is that which is in effect on September 30, 2017.
(b)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities 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 $15,655,093, which represents approximately 22.4% of net assets as of September 30, 2017 and are unaudited.
(d)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2017.
(e)	Represents an affiliated issuer.

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Investment Abbreviations:
ACES	— Alternative Credit Enhancement Securities
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
Mo.	— Month
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
TIPS	— Treasury Inflation-Protected 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 HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2017, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
3 Month Eurodollar	1		12/18/2017	$	246,300		$	(1,024	)
3 Month Eurodollar	1		03/19/2018		246,025			(1,236	)
3 Month Eurodollar	1		06/18/2018		245,750			(1,430	)
U.S. Treasury 10 Year Note	40		12/19/2017		5,012,500			(54,007	)
U.S. Treasury Ultra Bond	2		12/19/2017		330,250			(4,973	)
Total							$	(62,670	)
Short position contracts:
U.S. Treasury 10 Year Ultra Note	(3)		12/19/2017		(402,984	)		4,720
U.S. Treasury 2 Year Note	(7)		12/29/2017		(1,509,922	)		4,242
U.S. Treasury 5 Year Note	(33)		12/29/2017		(3,877,500	)		25,723
U.S. Treasury Long Bond	(12)		12/19/2017		(1,833,750	)		26,038
Total							$	60,723
Total futures contracts							$	(1,947	)

SWAP CONTRACTS — At September 30, 2017, the fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date		Notional Amount(a)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.143%(b)	3 Month LIBOR		07/03/2023	USD	120,000	$	(5	)	$	(201	)	$	196
3 Month LIBOR(c)	2.378%		07/03/2028	USD	460,000		(57	)		—			(57	)
2.560(b)	3 Month LIBOR		07/03/2048	USD	190,000		285			—			285
						$	223		$	(201	)	$	424

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2017.

(b) Payments made semi-annually.

(c) Payments made quarterly.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.9%
	Automobiles & Components – 0.7%
	119,914	Volkswagen AG ADR	$    4,053,693
	Banks – 17.3%
	1,072,181	Bank of America Corp.	27,169,066
	298,626	Citizens Financial Group, Inc.	11,308,967
	195,313	JPMorgan Chase & Co.	18,654,345
	143,950	SunTrust Banks, Inc.	8,603,891
	516,012	Wells Fargo & Co.	28,458,062
			94,194,331
	Capital Goods – 7.3%
	174,293	Emerson Electric Co.	10,952,572
	830,695	General Electric Co.	20,086,205
	86,626	Textron, Inc.	4,667,409
	26,864	WABCO Holdings, Inc.*	3,975,872
			39,682,058
	Consumer Durables & Apparel – 1.0%
	130,183	Coach, Inc.	5,243,771
	Diversified Financials – 2.6%
	118,320	Capital One Financial Corp.	10,016,971
	87,948	Morgan Stanley	4,236,455
			14,253,426
	Energy – 10.3%
	178,476	BP plc ADR	6,858,833
	157,369	ConocoPhillips	7,876,318
	352,113	Exxon Mobil Corp.	28,866,224
	97,037	Halliburton Co.	4,466,613
	1,263,698	Southwestern Energy Co.*	7,721,195
			55,789,183
	Food & Staples Retailing – 0.7%
	44,741	CVS Health Corp.	3,638,338
	Food, Beverage & Tobacco – 2.0%
	43,390	Anheuser-Busch InBev SA/NV ADR	5,176,427
	70,838	Kraft Heinz Co. (The)	5,493,487
			10,669,914
	Health Care Equipment & Services – 3.5%
	152,563	Abbott Laboratories	8,140,762
	32,355	Aetna, Inc.	5,144,768
	74,667	Medtronic plc	5,806,853
			19,092,383
	Household & Personal Products – 2.8%
	169,023	Procter & Gamble Co. (The)	15,377,713
	Insurance – 7.3%
	248,209	American International Group, Inc.	15,237,550
	113,551	Brighthouse Financial, Inc.*	6,903,901
	339,740	MetLife, Inc.	17,649,493
			39,790,944
	Materials – 4.4%
	128,254	Ball Corp.	5,296,890
	176,961	DowDuPont, Inc.	12,251,010

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	114,045	Nucor Corp.	$    6,391,082
			23,938,982
	Media – 3.6%
	99,341	DISH Network Corp. Class A*	5,387,263
	287,423	Liberty Global plc Class C*	9,398,732
	172,024	Viacom, Inc. Class B	4,789,148
			19,575,143
	Pharmaceuticals, Biotechnology & Life Sciences – 11.6%
	86,346	Allergan plc	17,696,613
	51,998	BioMarin Pharmaceutical, Inc.*	4,839,454
	123,225	Bristol-Myers Squibb Co.	7,854,361
	18,479	Celgene Corp.*	2,694,608
	70,661	Johnson & Johnson	9,186,636
	42,956	Merck & Co., Inc.	2,750,473
	447,079	Pfizer, Inc.	15,960,720
	13,724	Vertex Pharmaceuticals, Inc.*	2,086,597
			63,069,462
	Real Estate Investment Trust – 2.6%
	487,176	DDR Corp.	4,462,532
	32,375	Simon Property Group, Inc.	5,212,699
	55,371	Vornado Realty Trust	4,256,922
			13,932,153
	Retailing – 2.5%
	27,933	Expedia, Inc.	4,020,676
	68,790	Lowe’s Cos., Inc.	5,499,073
	54,587	TJX Cos., Inc. (The)	4,024,699
			13,544,448
	Semiconductors & Semiconductor Equipment – 1.1%
	153,006	Marvell Technology Group Ltd.	2,738,807
	34,481	Texas Instruments, Inc.	3,090,877
			5,829,684
	Software & Services – 4.8%
	11,553	Alphabet, Inc. Class A*	11,249,387
	206,377	Oracle Corp.	9,978,328
	79,445	Symantec Corp.	2,606,591
	20,280	Visa, Inc. Class A	2,134,267
			25,968,573
	Technology Hardware & Equipment – 2.8%
	454,704	Cisco Systems, Inc.	15,291,696
	Telecommunication Services – 4.8%
	421,023	AT&T, Inc.	16,491,471
	354,799	CenturyLink, Inc.(a)	6,705,701
	49,499	T-Mobile U.S., Inc.*	3,052,108
			26,249,280
	Transportation – 2.9%
	62,154	CH Robinson Worldwide, Inc.(a)	4,729,920
	205,347	JetBlue Airways Corp.*	3,805,080
	67,280	Kansas City Southern	7,311,990
			15,846,990
	Utilities – 1.3%
	107,812	FirstEnergy Corp.	3,323,844

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	52,210	PG&E Corp.	$    3,554,979
			6,878,823
	TOTAL COMMON STOCKS (Cost $455,201,292)		$531,910,988
Shares		Distribution Rate	Value
	Investment Company(b) – 0.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	279	0.927%	$              279
	(Cost $279)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $455,201,571)		$531,911,267
Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle(b) – 1.3%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	7,012,289	0.927%	$    7,012,289
	(Cost $7,012,289)
	TOTAL INVESTMENTS – 99.2% (Cost $462,213,860)		$538,923,556
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%		4,300,131
	NET ASSETS – 100.0%		$543,223,687

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment 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 MID CAP VALUE FUND

Schedule of Investments

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – 96.7%
	Banks – 9.1%
	466,443	Citizens Financial Group, Inc.	$  17,664,196
	506,157	First Horizon National Corp.	9,692,907
	1,007,316	Huntington Bancshares, Inc.	14,062,131
	78,584	Signature Bank*	10,061,895
	296,637	SunTrust Banks, Inc.	17,729,994
			69,211,123
	Capital Goods – 8.7%
	86,584	AMETEK, Inc.	5,718,008
	170,779	Jacobs Engineering Group, Inc.	9,951,292
	57,960	L3 Technologies, Inc.	10,921,403
	107,241	Stanley Black & Decker, Inc.	16,190,174
	126,767	Terex Corp.	5,707,050
	220,370	Trinity Industries, Inc.	7,029,803
	136,995	Wabtec Corp.(a)	10,377,371
			65,895,101
	Consumer Durables & Apparel – 5.0%
	212,020	Coach, Inc.	8,540,165
	73,819	Lennar Corp. Class A	3,897,643
	22,943	Mohawk Industries, Inc.*	5,678,622
	227,164	Newell Brands, Inc.	9,693,088
	52,381	PVH Corp.	6,603,149
	93,510	Toll Brothers, Inc.	3,877,860
			38,290,527
	Consumer Services – 1.1%
	263,142	MGM Resorts International	8,575,798
	Diversified Financials – 4.8%
	61,483	Ameriprise Financial, Inc.	9,130,840
	138,826	E*TRADE Financial Corp.*	6,054,202
	542,711	SLM Corp.*	6,224,895
	291,967	Starwood Property Trust, Inc. (REIT)	6,341,523
	268,213	Synchrony Financial	8,328,014
			36,079,474
	Energy – 7.1%
	59,089	Andeavor	6,095,030
	141,040	Cheniere Energy, Inc.*	6,352,442
	213,861	EQT Corp.	13,952,292
	266,742	Parsley Energy, Inc. Class A*	7,025,984
	204,839	RSP Permian, Inc.*	7,085,381
	288,868	Williams Cos., Inc. (The)	8,668,929
	427,111	WPX Energy, Inc.*	4,911,776
			54,091,834
	Food & Staples Retailing – 1.3%
	356,460	US Foods Holding Corp.*	9,517,482
	Food, Beverage & Tobacco – 3.9%
	109,514	Coca-Cola European Partners plc	4,557,973
	265,930	Conagra Brands, Inc.	8,972,478
	198,968	Molson Coors Brewing Co. Class B	16,243,747
			29,774,198
	Health Care Equipment & Services – 4.1%
	130,903	Acadia Healthcare Co., Inc.*	6,251,927

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	106,001	Cardinal Health, Inc.	$    7,093,587
	45,045	Laboratory Corp. of America Holdings*	6,800,444
	96,664	Zimmer Biomet Holdings, Inc.	11,318,388
			31,464,346
	Household & Personal Products – 0.6%
	62,005	Edgewell Personal Care Co.*	4,512,104
	Insurance – 5.5%
	111,270	Arch Capital Group Ltd.*	10,960,095
	98,646	Brighthouse Financial, Inc.*	5,997,677
	144,124	Hartford Financial Services Group, Inc. (The)	7,988,793
	113,816	Progressive Corp. (The)	5,510,971
	122,428	Unum Group	6,259,743
	74,697	WR Berkley Corp.	4,985,278
			41,702,557
	Materials – 6.1%
	273,680	Ball Corp.	11,302,984
	107,551	Celanese Corp. Series A	11,214,343
	458,097	Freeport-McMoRan, Inc.*	6,431,682
	35,644	Martin Marietta Materials, Inc.	7,350,862
	298,166	Steel Dynamics, Inc.	10,277,782
			46,577,653
	Media – 4.0%
	255,704	Discovery Communications, Inc. Class A*(a)	5,443,938
	140,994	DISH Network Corp. Class A*	7,646,105
	49,813	Liberty Broadband Corp. Class C*	4,747,179
	158,218	Liberty Media Corp.-Liberty Formula One Class C*	6,026,524
	230,598	Viacom, Inc. Class B	6,419,848
			30,283,594
	Pharmaceuticals, Biotechnology & Life Sciences – 1.9%
	20,494	Alexion Pharmaceuticals, Inc.*	2,875,103
	82,445	BioMarin Pharmaceutical, Inc.*	7,673,156
	24,590	Vertex Pharmaceuticals, Inc.*	3,738,664
			14,286,923
	Real Estate Investment Trust – 11.0%
	66,948	Alexandria Real Estate Equities, Inc.	7,964,804
	91,744	Boston Properties, Inc.	11,273,503
	309,388	Brixmor Property Group, Inc.	5,816,494
	848,005	DDR Corp.	7,767,726
	166,440	Equity Residential	10,973,389
	36,264	Federal Realty Investment Trust	4,504,351
	246,110	Hudson Pacific Properties, Inc.	8,252,068
	94,843	Mid-America Apartment Communities, Inc.	10,136,820
	271,201	RLJ Lodging Trust	5,966,422
	142,574	Vornado Realty Trust	10,961,089
			83,616,666

GOLDMAN SACHS VARIABLE INSURANCE MID CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – 3.3%
	56,100	Burlington Stores, Inc.*	$    5,355,306
	63,229	Expedia, Inc.	9,101,182
	67,807	L Brands, Inc.	2,821,449
	210,142	LKQ Corp.*	7,563,011
			24,840,948
	Semiconductors & Semiconductor Equipment – 3.5%
	747,458	Marvell Technology Group Ltd.	13,379,498
	100,732	Mellanox Technologies Ltd.*(a)	4,749,514
	120,185	Qorvo, Inc.*	8,494,676
			26,623,688
	Software & Services – 2.0%
	67,258	DXC Technology Co.	5,776,117
	127,697	GoDaddy, Inc. Class A*	5,556,097
	79,564	Yelp, Inc.*	3,445,121
			14,777,335
	Technology Hardware & Equipment – 1.7%
	135,669	CommScope Holding Co., Inc.*	4,505,568
	181,414	VeriFone Systems, Inc.*	3,679,076
	531,214	Viavi Solutions, Inc.*	5,025,284
			13,209,928
	Telecommunication Services – 1.5%
	598,304	CenturyLink, Inc.(a)	11,307,945
	Transportation – 3.6%
	536,822	JetBlue Airways Corp.*	9,947,312
	83,375	Old Dominion Freight Line, Inc.	9,180,421
	121,300	XPO Logistics, Inc.*	8,221,714
			27,349,447
	Utilities – 6.9%
	98,872	Atmos Energy Corp.	8,289,428
	205,803	FirstEnergy Corp.	6,344,907
	235,557	PG&E Corp.	16,039,076
	150,013	Pinnacle West Capital Corp.	12,685,099
	77,784	Sempra Energy	8,877,488
			52,235,998
	TOTAL COMMON STOCKS (Cost $661,927,324)		$734,224,669
Shares		Distribution Rate	Value
	Investment Company(b) – 1.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	11,610,794	0.927%	$  11,610,794
	(Cost $11,610,794)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $673,538,118)		$745,835,463

Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle(b) – 3.3%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	24,856,280	0.927%	$  24,856,280
	(Cost $24,856,280)
	TOTAL INVESTMENTS – 101.5% (Cost $698,394,398)		$770,691,743
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (1.5)%		(11,475,519)
	NET ASSETS – 100.0%		$759,216,224

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment 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 MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

September 30, 2017 (Unaudited)

Shares		Description	Value
	Underlying Funds(a) – 90.8%
	Equity – 28.3%
	205,611	Goldman Sachs Absolute Return Tracker Fund	$  2,000,591
	93,264	Goldman Sachs Emerging Markets Equity Insights Fund	1,002,591
	94,619	Goldman Sachs Long Short Fund	809,936
	27,024	Goldman Sachs Real Estate Securities Fund	504,270
			4,317,388
	Fixed Income – 62.5%
	356,161	Goldman Sachs Long Short Credit Strategies Fund	3,383,532
	147,420	Goldman Sachs Emerging Markets Debt Fund	1,919,413
	135,148	Goldman Sachs Strategic Income Fund	1,296,073
	147,737	Goldman Sachs High Yield Fund	976,539
	111,234	Goldman Sachs Macro Strategies Fund	974,412
	85,085	Goldman Sachs Managed Futures Strategy Fund	878,930
	11,030	Goldman Sachs High Yield Floating Rate Fund	106,987
			9,535,886
	TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) (Cost $13,715,916)		$13,853,274
	Exchange Traded Funds – 1.1%
	1,134	iShares MSCI Brazil Capped Fund	$       47,276
	1,292	ProShares Short VIX Short-Term Futures Fund	121,125
	TOTAL EXCHANGE TRADED FUNDS (Cost $69,515)		$     168,401
Shares		Distribution Rate	Value
	Investment Company(a) – 4.7%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	719,022	0.927%	$     719,022
	(Cost $719,022)
	TOTAL INVESTMENTS – 96.6% (Cost $14,504,453)		$14,740,697
	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.4%		522,678
	NET ASSETS – 100.0%		$15,263,375

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.

Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CHF	— Swiss Franc
CLP	— Chilean Peso
CNY	— Chinese Yuan
COP	— Colombian Peso
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
RUB	— Russian Ruble
SEK	— Swedish Krona
TRY	— Turkish Lira
TWD	— Taiwan Dollar
USD	— United States Dollar
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2017, 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
Morgan Stanley Co., Inc.	RUB	4,000,000		USD	68,190		12/20/2017	$	68,378	$	188
	USD	72,470		AUD	90,000		12/20/2017		70,531		1,939
	USD	70,321		BRL	220,000		10/03/2017		69,463		858
	USD	138,276		CHF	130,000		12/20/2017		134,981		3,295
	USD	71,759		CLP	45,000,000		12/20/2017		70,180		1,579
	USD	66,350		CNY	440,000		12/20/2017		65,836		514
	USD	205,654		EUR	170,000		12/20/2017		201,824		3,830
	USD	61,624		INR	4,000,000		12/20/2017		60,636		988
	USD	213,884		JPY	23,000,000		12/20/2017		205,212		8,672
	USD	141,577		KRW	160,000,000		12/20/2017		139,837		1,740
	USD	62,610		MXN	1,125,000		12/20/2017		61,001		1,609
	USD	6,410		NOK	50,000		12/20/2017		6,289		121
	USD	65,341		NZD	90,000		12/20/2017		64,907		434
	USD	90,671		TWD	2,700,000		12/20/2017		89,208		1,463
TOTAL										$	27,230

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Current Value		Unrealized Loss
Morgan Stanley Co., Inc.	BRL	220,000		USD	69,703		10/03/2017	$	69,463	$	(240	)
	BRL	220,000		USD	70,038		11/03/2017		69,152		(886	)
	CLP	45,000,000		USD	72,179		12/20/2017		70,181		(1,998	)
	CNY	440,000		USD	66,822		12/20/2017		65,836		(986	)
	COP	198,000,000		USD	67,646		12/20/2017		66,827		(819	)
	GBP	50,000		USD	67,648		12/20/2017		67,166		(482	)
	IDR	2,700,000,000		USD	200,214		12/20/2017		198,871		(1,343	)
	INR	8,500,000		USD	131,294		12/20/2017		128,851		(2,443	)
	MXN	1,125,000		USD	62,579		12/20/2017		61,000		(1,579	)
	NOK	550,000		USD	71,132		12/20/2017		69,183		(1,949	)
	NZD	90,000		USD	65,734		12/20/2017		64,907		(827	)
	SEK	1,275,000		USD	161,540		12/20/2017		157,283		(4,257	)
	TRY	240,000		USD	68,353		12/20/2017		65,822		(2,531	)
	USD	66,185		GBP	50,000		12/20/2017		67,166		(981	)
TOTAL										$	(21,321	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2017, the Portfolio had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
3 Month Eurodollar	52	12/18/2017	$	12,807,600		$	6,105
EURO STOXX 50 Index	12	12/20/2019		177,143			5,591
HSCEI	2	10/30/2017		139,613			(616	)
MSCI Emerging Markets E-Mini Index	12	12/15/2017		653,580			(8,764	)
MSCI Singapore Index	4	10/30/2017		106,086			423
STOXX 600 Banks Index	5	12/15/2017		55,638			2,686
STOXX Europe 600 Equity Index	3	12/15/2017		68,485			1,466
TOPIX Index	1	12/07/2017		148,856			6,686
Total						$	13,577
Short position contracts:
3 Month Eurodollar	(52)	03/16/2020		(12,728,950	)		(35,232	)
Euro-Buxl	(5)	12/07/2017		(964,785	)		12,781
FTSE 250 Index	(2)	12/15/2017		(105,814	)		(997	)
MSCI EAFE E-Mini Index	(4)	12/15/2017		(395,680	)		(2,288	)
S&P 500 E-Mini Index	(4)	12/15/2017		(503,220	)		(10,268	)
SPI 200 Index	(2)	12/21/2017		(222,299	)		204
Total						$	(35,800	)
Total futures contracts						$	(22,223	)

PURCHASED OPTIONS CONTRACTS — At September 30, 2017, the Portfolio had the following purchased options:

Description	Counterparty		Exercise Price/ FX Rate		Expiration Date		Number of Contracts			Notional Amount		Value		Premiums Paid (Received) by the Fund		Unrealized Appreciation/ (Depreciation)
Purchased options contracts:
Calls
3 Month Eurodollar		Barclays Bank PLC		97.88 USD		12/18/2017		USD	43	$	10,750,000	$	69,338	$	71,587	$	(2,249	)
				97.50 USD		03/19/2018		USD	20		5,000,000		45,500		48,046		(2,546	)
				97.63 USD		06/18/2018		USD	4		1,000,000		6,750		8,240		(1,490	)
				97.38 USD		09/17/2018		USD	6		1,500,000		12,675		15,314		(2,639	)
				99.00 USD		12/17/2018		USD	205		51,250,000		5,125		13,286		(8,161	)
				97.13 USD		03/18/2019		USD	8		2,000,000		19,400		23,119		(3,719	)
				99.00 USD		03/18/2019		USD	154		38,500,000		5,775		13,831		(8,056	)
				96.75 USD		09/16/2019		USD	8		2,000,000		25,150		29,118		(3,968	)
				96.88 USD		06/17/2019		USD	7		1,750,000		20,519		23,904		(3,385	)
				99.00 USD		06/17/2019		USD	86		21,500,000		4,837		8,799		(3,962	)
Total purchased options contracts									541			$	215,069	$	255,244	$	(40,175	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.9%
	Automobiles & Components – 1.4%
	5,574	Cooper-Standard Holdings, Inc.*	$     646,417
	1,103	Stoneridge, Inc.*	21,850
	10,845	Tenneco, Inc.	657,966
			1,326,233
	Banks – 9.5%
	420	BancFirst Corp.	23,835
	1,379	BankFinancial Corp.	21,912
	637	Banner Corp.	39,035
	12,466	Beneficial Bancorp, Inc.	206,936
	656	Cathay General Bancorp	26,371
	2,576	CenterState Bank Corp.	69,037
	20,596	Central Pacific Financial Corp.	662,779
	24,434	CVB Financial Corp.	590,570
	11,165	Dime Community Bancshares, Inc.	240,047
	10,023	FCB Financial Holdings, Inc. Class A*	484,111
	4,753	Federal Agricultural Mortgage Corp. Class C	345,733
	16,654	First Busey Corp.	522,269
	1,730	First Citizens BancShares, Inc. Class A	646,830
	8,164	First Commonwealth Financial Corp.	115,357
	712	First Defiance Financial Corp.	37,373
	2,438	First Foundation, Inc.*	43,616
	10,435	Hanmi Financial Corp.	322,963
	243	Heartland Financial USA, Inc.	12,004
	9,099	Hilltop Holdings, Inc.	236,574
	2,432	Home BancShares, Inc.	61,335
	2,620	HomeStreet, Inc.*	70,740
	1,184	IBERIABANK Corp.	97,266
	16,087	International Bancshares Corp.	645,089
	4,648	Meridian Bancorp, Inc.	86,685
	1,589	Meta Financial Group, Inc.	124,578
	654	National Commerce Corp.*	27,991
	35,178	OFG Bancorp	321,879
	5,960	Pacific Premier Bancorp, Inc.*	224,990
	8,216	Sandy Spring Bancorp, Inc.	340,471
	1,596	Towne Bank	53,466
	9,133	TriCo Bancshares	372,170
	20,737	TrustCo Bank Corp.	184,559
	7,768	UMB Financial Corp.	578,638
	3,978	United Bankshares, Inc.	147,783
	10,635	United Community Banks, Inc.	303,523
	10,944	Walker & Dunlop, Inc.*	572,700
	5,043	Wintrust Financial Corp.	394,917
			9,256,132
	Capital Goods – 8.4%
	1,031	Alamo Group, Inc.	110,698
	3,575	Applied Industrial Technologies, Inc.	235,235
	8,024	Argan, Inc.	539,614
	4,881	Briggs & Stratton Corp.	114,703
	3,286	Caesarstone Ltd.*	97,923
	875	Comfort Systems USA, Inc.	31,237
	21,669	Continental Building Products, Inc.*	563,394
	5,898	Curtiss-Wright Corp.	616,577
	2,753	Ducommun, Inc.*	88,234
	7,827	EMCOR Group, Inc.	543,037
	5,321	Esterline Technologies Corp.*	479,688
	735	Generac Holdings, Inc.*	33,759
	1,277	Gibraltar Industries, Inc.*	39,779
	14,910	H&E Equipment Services, Inc.	435,372
	4,593	Harsco Corp.*	95,994

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	16,127	Hillenbrand, Inc.	$     626,534
	4,309	Kadant, Inc.	424,652
	2,582	Kennametal, Inc.	104,158
	14,138	LSI Industries, Inc.	93,452
	4,579	Masonite International Corp.*	316,867
	721	MasTec, Inc.*	33,454
	1,025	Milacron Holdings Corp.*	17,282
	4,149	Miller Industries, Inc.	115,965
	2,558	MRC Global, Inc.*	44,739
	612	Powell Industries, Inc.	18,354
	15,415	Primoris Services Corp.	453,509
	15,456	Rush Enterprises, Inc. Class A*	715,458
	519	SPX FLOW, Inc.*	20,013
	8,033	Titan Machinery, Inc.*	124,752
	8,867	TriMas Corp.*	239,409
	7,605	Triumph Group, Inc.	226,249
	26,007	Wabash National Corp.	593,480
			8,193,571
	Commercial & Professional Services – 5.6%
	2,195	Barrett Business Services, Inc.	124,083
	18,106	Brady Corp. Class A	687,123
	13,080	CBIZ, Inc.*	212,550
	6,156	CECO Environmental Corp.	52,080
	1,572	CRA International, Inc.	64,531
	2,539	Essendant, Inc.	33,439
	374	Exponent, Inc.	27,639
	2,080	Heidrick & Struggles International, Inc.	43,992
	2,832	ICF International, Inc.*	152,786
	4,523	Kelly Services, Inc. Class A	113,482
	32,194	Kimball International, Inc. Class B	636,475
	705	Korn/Ferry International	27,798
	3,560	Matthews International Corp. Class A	221,610
	15,221	McGrath RentCorp	665,919
	7,922	MSA Safety, Inc.	629,878
	8,465	Navigant Consulting, Inc.*	143,228
	7,475	On Assignment, Inc.*	401,258
	9,826	Quad/Graphics, Inc.	222,166
	19,447	RPX Corp.*	258,256
	2,270	Steelcase, Inc. Class A	34,958
	11,288	TriNet Group, Inc.*	379,503
	3,176	TrueBlue, Inc.*	71,301
	3,722	WageWorks, Inc.*	225,925
			5,429,980
	Consumer Durables & Apparel – 4.5%
	12,258	Beazer Homes USA, Inc.*	229,715
	40,896	Callaway Golf Co.	590,129
	8,378	Deckers Outdoor Corp.*	573,139
	22,809	Fossil Group, Inc.*(a)	212,808
	1,885	iRobot Corp.*	145,258
	12,232	KB Home	295,036
	7,375	Malibu Boats, Inc. Class A*	233,345
	9,550	MCBC Holdings, Inc.*	194,629
	17,126	MDC Holdings, Inc.	568,754
	1,067	Movado Group, Inc.	29,876
	4,158	New Home Co., Inc. (The)*	46,403
	763	Oxford Industries, Inc.	48,481
	8,155	Steven Madden Ltd.*	353,112
	24,191	Taylor Morrison Home Corp. Class A*	533,412
	2,331	TopBuild Corp.*	151,911
	2,745	Unifi, Inc.*	97,804

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Durables & Apparel – (continued)
	4,204	Vista Outdoor, Inc.*	$       96,440
			4,400,252
	Consumer Services – 3.4%
	2,258	Boyd Gaming Corp.	58,821
	5,742	Chegg, Inc.*	85,211
	22,063	Houghton Mifflin Harcourt Co.*	265,859
	12,506	International Speedway Corp. Class A	450,216
	21,290	K12, Inc.*	379,814
	6,260	Laureate Education, Inc. Class A*	91,083
	974	Marriott Vacations Worldwide Corp.	121,292
	860	Monarch Casino & Resort, Inc.*	33,996
	19,980	Penn National Gaming, Inc.*	467,332
	1,882	Pinnacle Entertainment, Inc.*	40,105
	11,018	Regis Corp.*	157,227
	11,340	Scientific Games Corp. Class A*	519,939
	8,079	Sotheby’s*	372,523
	5,799	Weight Watchers International, Inc.*	252,547
			3,295,965
	Diversified Financials – 5.0%
	13,701	AG Mortgage Investment Trust, Inc. (REIT)	263,607
	51,629	Anworth Mortgage Asset Corp. (REIT)(b)	310,290
	1,717	ARMOUR Residential REIT, Inc. (REIT)	46,187
	1,748	Cherry Hill Mortgage Investment Corp. (REIT)	31,639
	20,925	Enova International, Inc.*	281,441
	9,536	Evercore, Inc. Class A(b)	765,264
	5,333	GAMCO Investors, Inc. Class A	158,710
	5,675	Green Dot Corp. Class A*	281,367
	18,092	Greenhill & Co., Inc.	300,327
	7,912	Houlihan Lokey, Inc.	309,597
	470	INTL. FCStone, Inc.*	18,010
	20,773	Invesco Mortgage Capital, Inc. (REIT)	355,842
	2,222	Investment Technology Group, Inc.	49,195
	22,999	LendingClub Corp.*	140,064
	12,688	Moelis & Co. Class A	546,218
	22,399	MTGE Investment Corp. (REIT)	434,541
	8,638	Piper Jaffray Cos.	512,665
	509	Westwood Holdings Group, Inc.	34,241
			4,839,205
	Energy – 4.2%
	4,338	Arch Coal, Inc. Class A	311,208
	9,610	Archrock, Inc.	120,606
	10,429	Clean Energy Fuels Corp.*	25,864
	12,673	CVR Energy, Inc.(a)	328,231
	2,758	Delek US Energy, Inc.	73,721
	67,843	Denbury Resources, Inc.*	90,910
	5,785	Energy XXI Gulf Coast, Inc.*	59,817
	8,985	EP Energy Corp. Class A*(a)	29,291
	15,160	Exterran Corp.*	479,208
	24,570	Fairmount Santrol Holdings, Inc.*(a)	117,445
	90,457	McDermott International, Inc.*	657,622
	5,566	Newpark Resources, Inc.*	55,660
	4,149	Oil States International, Inc.*	105,177
	8,236	Pacific Ethanol, Inc.*	45,710
	14,534	Peabody Energy Corp.*	421,631
	30,808	Pioneer Energy Services Corp.*	78,560

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	5,058	REX American Resources Corp.*	$       474,592
	3,566	Rowan Cos. plc Class A*	45,823
	16,676	Smart Sand, Inc.*	113,063
	944	Stone Energy Corp.*	27,433
	4,205	Superior Energy Services, Inc.*	44,909
	3,202	Ultra Petroleum Corp.*	27,761
	8,468	Unit Corp.*	174,271
	4,280	US Silica Holdings, Inc.	132,980
			4,041,493
	Food & Staples Retailing – 0.1%
	6,160	Smart & Final Stores, Inc.*	48,356
	1,151	Village Super Market, Inc. Class A	28,476
			76,832
	Food, Beverage & Tobacco – 1.4%
	711	Coca-Cola Bottling Co. Consolidated	153,398
	10,438	Darling Ingredients, Inc.*	182,874
	1,372	Dean Foods Co.	14,927
	9,525	Fresh Del Monte Produce, Inc.	433,006
	1,583	John B Sanfilippo & Son, Inc.	106,552
	838	Lancaster Colony Corp.	100,661
	3,224	National Beverage Corp.	399,937
			1,391,355
	Health Care Equipment & Services – 3.9%
	12,726	Allscripts Healthcare Solutions, Inc.*	181,091
	705	Amedisys, Inc.*	39,452
	14,683	AngioDynamics, Inc.*	250,932
	5,206	Anika Therapeutics, Inc.*	301,948
	3,467	AtriCure, Inc.*	77,557
	174	Atrion Corp.	116,928
	133	Cantel Medical Corp.	12,525
	3,196	Halyard Health, Inc.*	143,916
	613	HealthEquity, Inc.*	31,006
	1,650	Heska Corp.*	145,348
	1,656	K2M Group Holdings, Inc.*	35,124
	1,277	Lantheus Holdings, Inc.*	22,731
	966	LeMaitre Vascular, Inc.	36,148
	1,786	LHC Group, Inc.*	126,663
	6,765	Magellan Health, Inc.*	583,819
	7,629	Masimo Corp.*	660,366
	2,442	Medidata Solutions, Inc.*	190,622
	3,957	Molina Healthcare, Inc.*	272,083
	687	National HealthCare Corp.	42,986
	1,839	Orthofix International NV*	86,893
	5,814	Quality Systems, Inc.*	91,454
	13,615	Triple-S Management Corp. Class B*	322,403
	789	Vocera Communications, Inc.*	24,751
			3,796,746
	Household & Personal Products – 0.4%
	8,470	Central Garden & Pet Co. Class A*	314,999
	2,121	Inter Parfums, Inc.	87,491
	617	USANA Health Sciences, Inc.*	35,601
			438,091
	Insurance – 2.7%
	25,684	American Equity Investment Life Holding Co.	746,891
	10,757	Argo Group International Holdings Ltd.	661,556
	2,177	FBL Financial Group, Inc. Class A	162,186
	52,008	Genworth Financial, Inc. Class A*	200,231

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	3,290	Health Insurance Innovations, Inc. Class A*(a)	$         47,705
	3,324	James River Group Holdings Ltd.	137,880
	17,173	Maiden Holdings Ltd.	136,525
	13,723	Stewart Information Services Corp.	518,180
	1,453	Trupanion, Inc.*(a)	38,374
			2,649,528
	Materials – 5.2%
	5,186	A Schulman, Inc.	177,102
	13,802	Carpenter Technology Corp.	662,910
	4,046	Chase Corp.	450,724
	4,206	Ferro Corp.*	93,794
	3,077	Haynes International, Inc.	110,495
	1,184	Ingevity Corp.*	73,965
	12,204	Innophos Holdings, Inc.	600,315
	8,099	KapStone Paper and Packaging Corp.	174,048
	2,441	Koppers Holdings, Inc.*	112,652
	27,626	Louisiana-Pacific Corp.*	748,112
	4,683	Materion Corp.	202,071
	8,866	Minerals Technologies, Inc.	626,383
	1,076	PolyOne Corp.	43,072
	2,683	Rayonier Advanced Materials, Inc.	36,757
	20,910	Schnitzer Steel Industries, Inc. Class A	588,617
	2,278	Stepan Co.	190,577
	3,147	Worthington Industries, Inc.	144,762
			5,036,356
	Media – 0.9%
	13,127	Gannett Co., Inc.	118,143
	24,598	MSG Networks, Inc. Class A*	521,478
	7,127	New Media Investment Group, Inc.	105,408
	6,347	Time, Inc.	85,685
	1,587	tronc, Inc.*	23,059
			853,773
	Pharmaceuticals, Biotechnology & Life Sciences – 9.0%
	8,673	Acceleron Pharma, Inc.*	323,676
	23,244	Akebia Therapeutics, Inc.*	457,209
	10,860	AMAG Pharmaceuticals, Inc.*	200,367
	5,017	Amicus Therapeutics, Inc.*	75,656
	21,665	Array BioPharma, Inc.*	266,479
	4,313	BioSpecifics Technologies Corp.*	200,641
	1,958	Bluebird Bio, Inc.*	268,931
	3,715	Calithera Biosciences, Inc.*	58,511
	4,324	Cambrex Corp.*	237,820
	18,615	Catalent, Inc.*	743,111
	5,984	ChemoCentryx, Inc.*	44,401
	351	Clovis Oncology, Inc.*	28,922
	4,385	Corcept Therapeutics, Inc.*	84,631
	6,427	Cytokinetics, Inc.*	93,192
	9,404	CytomX Therapeutics, Inc.*	170,871
	1,757	Editas Medicine, Inc.*(a)	42,186
	1,216	Enanta Pharmaceuticals, Inc.*	56,909
	4,630	Epizyme, Inc.*	88,202
	2,314	Exact Sciences Corp.*	109,036
	11,131	FibroGen, Inc.*	598,848
	1,128	Five Prime Therapeutics, Inc.*	46,146
	18,104	Genomic Health, Inc.*	580,957
	10,228	Halozyme Therapeutics, Inc.*	177,660
	6,145	Ignyta, Inc.*	75,891
	13,273	Innoviva, Inc.*	187,415
	790	Intersect ENT, Inc.*	24,609

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	1,585	Loxo Oncology, Inc.*	$       146,010
	16,525	MiMedx Group, Inc.*(a)	196,317
	3,178	Myriad Genetics, Inc.*	114,980
	87,665	PDL BioPharma, Inc.*	297,184
	14,046	Phibro Animal Health Corp. Class A	520,404
	4,924	Portola Pharmaceuticals, Inc.*	266,044
	3,081	PRA Health Sciences, Inc.*	234,680
	8,734	PTC Therapeutics, Inc.*	174,767
	351	Puma Biotechnology, Inc.*	42,032
	843	REGENXBIO, Inc.*	27,777
	6,487	Repligen Corp.*	248,582
	7,971	Retrophin, Inc.*	198,398
	806	Sage Therapeutics, Inc.*	50,214
	20,860	Sangamo Therapeutics, Inc.*	312,900
	1,975	Sarepta Therapeutics, Inc.*	89,586
	2,970	Spark Therapeutics, Inc.*	264,805
	21,374	Spectrum Pharmaceuticals, Inc.*	300,732
	1,341	Ultragenyx Pharmaceutical, Inc.*	71,422
			8,799,111
	Real Estate – 6.5%
	52,167	DiamondRock Hospitality Co. (REIT)	571,229
	24,777	First Industrial Realty Trust, Inc. (REIT)(b)	745,540
	5,329	First Potomac Realty Trust (REIT)	59,365
	26,748	Kite Realty Group Trust (REIT)	541,647
	5,374	PS Business Parks, Inc. (REIT)	717,429
	11,821	QTS Realty Trust, Inc. Class A (REIT)	618,947
	26,441	Quality Care Properties, Inc. (REIT)*	409,835
	19,822	Rexford Industrial Realty, Inc. (REIT)	567,306
	245	RMR Group, Inc. (The) Class A	12,581
	787	Ryman Hospitality Properties, Inc. (REIT)	49,180
	44,066	Sunstone Hotel Investors, Inc. (REIT)	708,141
	6,287	Terreno Realty Corp. (REIT)	227,464
	26,944	Tier REIT, Inc. (REIT)	520,019
	29,006	Xenia Hotels & Resorts, Inc. (REIT)	610,576
			6,359,259
	Retailing – 3.3%
	2,574	Abercrombie & Fitch Co. Class A	37,169
	42,008	American Eagle Outfitters, Inc.	600,714
	1,297	America’s Car-Mart, Inc.*	53,339
	9,893	Asbury Automotive Group, Inc.*	604,462
	6,753	Big 5 Sporting Goods Corp.	51,661
	21,403	Chico’s FAS, Inc.	191,557
	5,847	Express, Inc.*	39,526
	2,160	Haverty Furniture Cos., Inc.	56,484
	24,984	Liberty TripAdvisor Holdings, Inc. Class A*	308,552
	7,719	Nutrisystem, Inc.	431,492
	1,901	Ollie’s Bargain Outlet Holdings, Inc.*	88,206
	26,420	Pier 1 Imports, Inc.	110,700
	931	Restoration Hardware Holdings, Inc.*(a)	65,468
	17,379	Select Comfort Corp.*	539,618
	1,834	Tailored Brands, Inc.	26,483
			3,205,431

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 4.4%
	22,184	Amkor Technology, Inc.*	$       234,041
	2,106	Axcelis Technologies, Inc.*	57,599
	7,555	Cabot Microelectronics Corp.	603,871
	5,611	Cirrus Logic, Inc.*	299,178
	17,899	Diodes, Inc.*	535,717
	29,995	Entegris, Inc.*(b)	865,356
	11,476	FormFactor, Inc.*	193,371
	4,895	MKS Instruments, Inc.	462,333
	54,667	Photronics, Inc.*	483,803
	2,376	Rudolph Technologies, Inc.*	62,489
	5,436	Silicon Laboratories, Inc.*	434,336
	1,359	Ultra Clean Holdings, Inc.*	41,613
			4,273,707
	Software & Services – 8.0%
	2,075	Acxiom Corp.*	51,128
	5,969	Appfolio, Inc. Class A*	286,213
	11,983	Aspen Technology, Inc.*	752,652
	21,444	Blucora, Inc.*	542,533
	1,657	Bottomline Technologies de, Inc.*	52,742
	10,123	Box, Inc. Class A*	195,576
	924	Cass Information Systems, Inc.	58,618
	12,305	CommerceHub, Inc. Series C*	262,712
	10,493	Convergys Corp.	271,664
	5,236	Cornerstone OnDemand, Inc.*	212,634
	13,160	CSG Systems International, Inc.	527,716
	583	Envestnet, Inc.*	29,733
	13,450	Etsy, Inc.*	227,036
	7,952	Everi Holdings, Inc.*	60,356
	15,547	EVERTEC, Inc.	246,420
	7,857	Five9, Inc.*	187,782
	5,565	Hortonworks, Inc.*	94,327
	6,265	HubSpot, Inc.*	526,573
	10,499	Imperva, Inc.*	455,657
	666	MAXIMUS, Inc.	42,957
	1,176	MicroStrategy, Inc. Class A*	150,187
	3,042	MINDBODY, Inc. Class A*	78,636
	12,391	New Relic, Inc.*	617,072
	20,846	NIC, Inc.	357,509
	5,435	Paylocity Holding Corp.*	265,337
	1,064	Perficient, Inc.*	20,929
	4,621	Rubicon Project, Inc. (The)*	17,976
	754	Stamps.com, Inc.*	152,798
	688	Sykes Enterprises, Inc.*	20,062
	38,863	Travelport Worldwide Ltd.	610,149
	2,604	TrueCar, Inc.*(a)	41,117
	511	Varonis Systems, Inc.*	21,411
	7,321	Web.com Group, Inc.*	183,025
	4,409	Yelp, Inc.*	190,910
			7,812,147
	Technology Hardware & Equipment – 5.4%
	13,144	AVX Corp.	239,615
	20,307	Benchmark Electronics, Inc.*	693,484
	5,425	Comtech Telecommunications Corp.	111,375
	30,490	Extreme Networks, Inc.*	362,526
	2,245	Itron, Inc.*	173,875
	17,149	Kimball Electronics, Inc.*	371,276
	1,598	Methode Electronics, Inc.	67,675
	18,340	NetScout Systems, Inc.*	593,299
	5,071	Plexus Corp.*	284,382
	5,700	Rogers Corp.*	759,696
	11,436	Sanmina Corp.*	424,848
	30,671	TTM Technologies, Inc.*	471,413

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	35,530	Vishay Intertechnology, Inc.	$       667,964
			5,221,428
	Telecommunication Services – 1.4%
	6,636	Boingo Wireless, Inc.*	141,811
	13,443	Cogent Communications Holdings, Inc.	657,363
	22,176	Consolidated Communications Holdings, Inc.	423,118
	7,370	ORBCOMM, Inc.*	77,164
	1,486	Spok Holdings, Inc.	22,810
	10,209	Vonage Holdings Corp.*	83,101
			1,405,367
	Transportation – 2.3%
	4,976	Avis Budget Group, Inc.*	189,386
	1,307	Forward Air Corp.	74,800
	12,005	Hawaiian Holdings, Inc.*	450,788
	23,058	Heartland Express, Inc.	578,295
	15,153	Marten Transport Ltd.	311,394
	18,070	Werner Enterprises, Inc.	660,458
			2,265,121
	Utilities – 0.9%
	638	Northwest Natural Gas Co.	41,087
	7,760	Ormat Technologies, Inc.	473,748
	2,919	Pattern Energy Group, Inc.	70,348
	1,014	Portland General Electric Co.	46,279
	5,960	Unitil Corp.	294,782
			926,244
	TOTAL COMMON STOCKS (Cost $83,301,507)		$95,293,327
Units		Description	Value
	Right*(c) – 0.0%
	Pharmaceuticals, Biotechnology & Life Sciences – 0.0%
	1,561	Dyax Corp., CVR	$4,683
	(Cost $0)
Shares		Distribution Rate	Value
	Investment Company(d) – 0.8%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	752,884	0.927%	$     752,884
	(Cost $752,884)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $84,054,391)		$96,050,894
Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle(d) – 1.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,074,700	0.927%	$  1,074,700
	(Cost $1,074,700)

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares	Description	Value
TOTAL INVESTMENTS – 99.8% (Cost $85,129,091)		$97,125,594
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%		158,345
NET ASSETS – 100.0%		$97,283,939

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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
CVR	— Contingent Value Rights
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, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2017, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Russell 2000 E-Mini Index	20	12/15/2017	$	1,492,900	$	66,466

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.5%
	Automobiles & Components – 0.6%
	29,606	Delphi Automotive plc	$    2,913,230
	Banks – 1.1%
	97,983	SunTrust Banks, Inc.	5,856,444
	Capital Goods – 10.7%
	21,879	3M Co.	4,592,402
	27,040	Boeing Co. (The)	6,873,838
	55,953	Fortive Corp.	3,960,913
	12,522	General Dynamics Corp.	2,574,273
	68,288	Honeywell International, Inc.	9,679,141
	44,836	Middleby Corp. (The)*	5,746,630
	23,508	Northrop Grumman Corp.	6,763,722
	26,208	Roper Technologies, Inc.	6,379,027
	20,715	WABCO Holdings, Inc.*	3,065,820
	106,038	Xylem, Inc.	6,641,160
			56,276,926
	Consumer Durables & Apparel – 2.5%
	169,347	NIKE, Inc. Class B	8,780,642
	33,144	PVH Corp.	4,178,133
			12,958,775
	Consumer Services – 2.4%
	62,055	Las Vegas Sands Corp.	3,981,449
	55,394	McDonald’s Corp.	8,679,132
			12,660,581
	Diversified Financials – 3.3%
	108,212	Intercontinental Exchange, Inc.	7,434,165
	79,972	Northern Trust Corp.	7,351,826
	17,317	S&P Global, Inc.	2,706,820
			17,492,811
	Energy – 1.3%
	21,227	Concho Resources, Inc.*	2,796,020
	43,059	Diamondback Energy, Inc.*	4,218,060
			7,014,080
	Food & Staples Retailing – 2.1%
	49,063	Costco Wholesale Corp.	8,060,560
	38,590	Walgreens Boots Alliance, Inc.	2,979,920
			11,040,480
	Food, Beverage & Tobacco – 5.1%
	43,757	Altria Group, Inc.	2,775,069
	52,648	Coca-Cola Co. (The)	2,369,686
	57,582	Kraft Heinz Co. (The)	4,465,484
	52,089	Molson Coors Brewing Co. Class B	4,252,546
	126,894	Monster Beverage Corp.*	7,010,894
	54,742	Philip Morris International, Inc.	6,076,909
			26,950,588
	Health Care Equipment & Services – 4.4%
	37,659	Aetna, Inc.	5,988,158
	180,053	Boston Scientific Corp.*	5,252,146
	82,858	Danaher Corp.	7,107,559
	42,733	Edwards Lifesciences Corp.*	4,671,144
			23,019,007
	Household & Personal Products – 1.8%
	70,554	Colgate-Palmolive Co.	5,139,859

Shares		Description	Value
	Common Stocks – (continued)
	Household & Personal Products – (continued)
	37,566	Estee Lauder Cos., Inc. (The) Class A	$    4,051,117
			9,190,976
	Materials – 1.5%
	16,107	Sherwin-Williams Co. (The)	5,766,950
	92,215	Valvoline, Inc.	2,162,442
			7,929,392
	Media – 2.4%
	325,380	Comcast Corp. Class A	12,520,622
	Pharmaceuticals, Biotechnology & Life Sciences – 10.2%
	54,929	Agilent Technologies, Inc.	3,526,442
	36,664	Amgen, Inc.	6,836,003
	124,287	Eli Lilly & Co.	10,631,510
	29,327	Illumina, Inc.*	5,841,938
	52,182	Incyte Corp.*	6,091,727
	10,963	Regeneron Pharmaceuticals, Inc.*	4,901,776
	38,869	Shire plc ADR	5,952,399
	29,839	Vertex Pharmaceuticals, Inc.*	4,536,721
	77,226	Zoetis, Inc.	4,923,930
			53,242,446
	Real Estate Investment Trusts – 3.3%
	66,519	American Tower Corp.	9,091,817
	17,922	Equinix, Inc.	7,998,589
			17,090,406
	Retailing – 8.4%
	20,436	Amazon.com, Inc.*	19,646,149
	22,670	Home Depot, Inc. (The)	3,707,905
	36,868	Netflix, Inc.*	6,686,012
	3,911	Priceline Group, Inc. (The)*	7,160,337
	104,830	Ross Stores, Inc.	6,768,873
			43,969,276
	Semiconductors & Semiconductor Equipment – 3.5%
	84,813	Applied Materials, Inc.	4,417,909
	27,465	NVIDIA Corp.	4,909,918
	98,359	Texas Instruments, Inc.	8,816,901
			18,144,728
	Software & Services – 24.7%
	39,847	Adobe Systems, Inc.*	5,944,375
	17,177	Alphabet, Inc. Class A*	16,725,588
	13,174	Alphabet, Inc. Class C*	12,635,315
	53,486	Electronic Arts, Inc.*	6,314,557
	127,034	Facebook, Inc. Class A*	21,706,300
	44,827	Fiserv, Inc.*	5,780,890
	28,442	Global Payments, Inc.	2,702,843
	41,290	Intuit, Inc.	5,868,961
	99,756	Mastercard, Inc. Class A	14,085,547
	319,655	Microsoft Corp.	23,811,101
	156,639	Oracle Corp.	7,573,496
	69,499	salesforce.com, Inc.*	6,492,597
			129,641,570
	Technology Hardware & Equipment – 7.9%
	40,685	Amphenol Corp. Class A	3,443,578
	221,948	Apple, Inc.	34,206,626
	107,363	Cisco Systems, Inc.	3,610,618
			41,260,822

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Transportation – 1.3%
	128,295	CSX Corp.	$    6,961,287
	TOTAL COMMON STOCKS (Cost $334,764,314)		$516,134,447
Shares		Distribution Rate	Value
	Investment Company(a) – 0.0%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	87,436	0.927%	$         87,436
	(Cost $87,436)
	TOTAL INVESTMENTS – 98.5% (Cost $334,851,750)		$516,221,883
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%		7,840,343
	NET ASSETS – 100.0%		$524,062,226

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.
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

September 30, 2017 (Unaudited)

Shares		Description				Value
Common Stock – 0.2%
Energy – 0.2%
	5,866		Blue Ridge Mountain Resources, Inc.*			$       57,487
(Cost $58,500)
Principal Amount		Interest Rate			Maturity Date	Value
Convertible Bond(a) – 0.2%
Energy – 0.2%
Nabors Industries, Inc.
$	50,000		0.750	%	01/15/24	$       40,656
(Cost $52,375)
Corporate Bonds – 6.8%
Consumer Services(b) – 0.2%
MGM Resorts International
$	50,000		8.625	%	02/01/19	$       54,000
Electric(b) – 0.2%
Dynegy, Inc.
	38,000		6.750		11/01/19	39,330
Energy – 3.1%
Carrizo Oil & Gas, Inc.(b)
	50,000		7.500		09/15/20	51,000
Halcon Resources Corp.(a)(b)
	50,000		6.750		02/15/25	51,750
Laredo Petroleum, Inc.(b)
	25,000		5.625		01/15/22	25,219
Petrobras Global Finance BV
	50,000		7.375		01/17/27	55,062
	35,000		5.999	(a)	01/27/28	34,974
	50,000		6.850		06/05/15	47,481
Petroleos de Venezuela SA
	890,000		6.000		10/28/22	254,540
	40,000		5.375		04/12/27	12,000
Petroleos Mexicanos
	70,000		6.500	(a)	03/13/27	77,576
	10,000		5.500		06/27/44	9,300
	10,000		6.375		01/23/45	10,190
	20,000		6.750	(a)	09/21/47	21,288
Plains All American Pipeline LP(b)
	50,000		3.600		11/01/24	48,845
Whiting Petroleum Corp.(b)
	50,000		5.000		03/15/19	50,125
						749,350
Healthcare(a)(b) – 0.6%
Change Healthcare Holdings LLC
	35,000		5.750		03/01/25	35,700
Valeant Pharmaceuticals International, Inc.
	50,000		6.375		10/15/20	50,125
	50,000		6.500		03/15/22	52,875
						138,700
Materials – 0.2%
Freeport-McMoRan, Inc.
	50,000		2.375		03/15/18	49,875

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Noncaptive-Financial – 0.7%
CURO Financial Technologies Corp.(a)(b)
$	50,000		12.000	%	03/01/22	$       53,750
Nationstar Mortgage LLC(b)
	50,000		6.500		08/01/18	50,000
Park Aerospace Holdings Ltd.(a)
	50,000		5.250		08/15/22	51,957
						155,707
Pipelines(b) – 0.6%
DCP Midstream Operating LP
	50,000		2.500		12/01/17	50,000
	25,000		2.700		04/01/19	24,812
Enterprise Products Operating LLC Series A(c)
	(3 Mo. LIBOR + 3.71%),
	75,000		5.018		08/01/66	75,038
						149,850
Technology Hardware & Equipment – 0.0%
Nokia OYJ
	10,000		3.375		06/12/22	10,075
Wireless Telecommunications – 1.2%
Frontier Communications Corp.
	25,000		8.125		10/01/18	25,250
Intelsat Jackson Holdings SA(b)
	50,000		7.500		04/01/21	47,375
Sprint Communications, Inc.
	50,000		9.000	(a)	11/15/18	53,688
	50,000		7.000		08/15/20	54,625
Telecom Italia Capital SA(b)
	50,000		7.721		06/04/38	63,875
Windstream Services LLC(b)
	50,000		7.750		10/15/20	40,000
						284,813
TOTAL CORPORATE BONDS (Cost $1,636,010)						$  1,631,700
Mortgage-Backed Security – 0.5%
FNMA
$	114,210		6.000	%	09/01/36	$     130,131
(Cost $127,968)
Collateralized Mortgage Obligations –10.0%
Adjustable Rate Non-Agency(b)(c) – 2.7%
Alternative Loan Trust Series 2005-51, Class 2A1
$	40,987		1.536	%	11/20/35	$       37,681
Alternative Loan Trust Series 2006-HY11, Class A1
	45,248		1.357		06/25/36	39,777
Alternative Loan Trust Series 2006-OA6, Class 1A2
	266,910		1.447		07/25/46	246,405
HomeBanc Mortgage Trust Series 2006-1, Class 3A2
	104,337		3.251		04/25/37	89,747
IndyMac INDA Mortgage Loan Trust Series 2006-AR2, Class 1A1
	42,509		3.641		09/25/36	39,651
Lehman XS Trust Series 2005-7N, Class 1A1A
	40,531		1.507		12/25/35	38,913
Lehman XS Trust Series 2006-14N, Class 1A1A
	148,704		1.427		09/25/46	133,352
						625,526

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations – (continued)
Interest Only(d) – 4.0%
FHLMC REMIC Series 4314, Class SE(b)
$	879,014		4.816	%	03/15/44	$     152,870
FHLMC REMIC Series 4320, Class SD(b)
	76,309		4.866		07/15/39	11,939
FHLMC REMIC Series 4583, Class ST(b)
	824,556		4.766		05/15/46	157,308
FNMA REMIC Series 2011-124, Class SC
	391,444		5.313		12/25/41	72,205
FNMA REMIC Series 2013-130, Class SN
	657,885		5.413		10/25/42	127,119
FNMA REMIC Series 2014-87, Class MS
	356,140		5.013		01/25/45	58,387
FNMA REMIC Series 2015-81, Class SA
	254,895		4.463		11/25/45	36,358
GNMA REMIC Series 2010-101, Class S(b)
	594,263		4.764		08/20/40	96,072
GNMA REMIC Series 2010-20, Class SE(b)
	330,980		5.014		02/20/40	55,581
GNMA REMIC Series 2010-31, Class SA(b)
	102,852		4.514		03/20/40	15,177
GNMA REMIC Series 2013-152, Class SG(b)
	84,795		4.914		06/20/43	13,909
GNMA REMIC Series 2013-181, Class SA(b)
	358,272		4.864		11/20/43	59,447
GNMA REMIC Series 2015-110, Class MS(b)
	380,141		4.474		08/20/45	55,244
GNMA REMIC Series 2015-159, Class HS(b)
	279,225		4.964		11/20/45	45,691
						957,307
Regular Floater(c) – 3.3%
Alternative Loan Trust Series 2005-36, Class 2A1A(b)
	58,921		1.547		08/25/35	49,520
Banc of America Alternative Loan Trust Series 2005-4, Class CB1(b)
	172,628		1.637		05/25/35	146,013
FNMA Series 2014-C03, Class 1M1(b)
	1,041		2.437		07/25/24	1,042
Mortgage Repurchase Agreement Financing Trust Series 2016-1, Class A2(a)(b)
	150,000		2.185		04/10/19	150,003
Mortgage Repurchase Agreement Financing Trust Series 2017-1, Class A1(a)(b)
	150,000		2.085		07/10/19	150,039
Mortgage Repurchase Agreement Financing Trust Series 2017-2, Class A1(a)
	300,000		1.779		08/12/19	300,024
						796,641
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,302,912)						$   2,379,474
U.S. Government Agency Security – 3.4%
FHLB(c)
	(3 Mo. LIBOR - 0.08%),
$	825,000		1.237	%	10/27/17	$     825,078
(Cost $825,000)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – 31.1%
Airlines(b) – 0.2%
Continental Airlines Pass-Through Trust Series 2012-3, Class C
$	50,000		6.125	%	04/29/18	$       50,865
Collateralized Loan Obligations(a)(c) – 16.9%
Acis CLO Ltd. Series 2014-4A, Class ACOM(b)
	850,000		2.796		05/01/26	848,725
Anchorage Capital CLO 4 Ltd. Series 2014-4A, Class A1AR(b)
	250,000		2.454		07/28/26	251,018
Apidos CLO X Series 2012-10A, Class A(b)
	173,101		2.731		10/30/22	173,282
Crown Point CLO III Ltd. Series 2015-3A, Class ACOM(b)
	250,000		0.000		12/31/27	249,925
Crown Point CLO Ltd. Series 2015-3A, Class A1AR(b)
	200,000		2.230		12/31/27	200,000
Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A(b)
	250,000		2.704		07/25/27	249,679
OCP CLO 2016-12 Ltd. Series 2016-12A, Class A1(b)
	150,000		2.874		10/18/28	151,094
OCP CLO Ltd. Series 2015-8A, Class A1(b)
	250,000		2.834		04/17/27	250,023
Octagon Investment Partners 24 Ltd. Series 2015-1A, Class A1R(b)
	250,000		0.000		05/21/27	250,250
OFSI Fund VI Ltd. Series 2014-6A, Class A1(b)
	200,000		2.334		03/20/25	198,584
OFSI Fund VII Ltd. Series 2014-7A, Class ACOM
	100,000		2.655		10/18/26	99,800
Regatta IV Funding Ltd. Series 2014-1A, Class A1R(b)
	250,000		2.334		07/25/26	250,244
Trinitas CLO II Ltd. Series 2014-2A, Class A1R(b)
	200,000		2.484		07/15/26	200,285
Trinitas CLO III Ltd. Series 2015-3A, Class A2(b)
	150,000		2.814		07/15/27	150,115
Voya CLO Ltd. Series 2014-4A, Class A1R
	250,000		2.254		10/14/26	250,259
Wasatch Ltd. Series 2006-1A, Class A1B
	103,882		1.549		11/14/22	103,435
Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class ACOM(b)
	150,000		0.000		07/16/27	150,345
						4,027,063
Home Equity(b) – 1.4%
Credit-Based Asset Servicing & Securitization LLC Series 2005-CB8, Class AF2(e)
	4,830		3.870		12/25/35	4,874
Credit-Based Asset Servicing & Securitization LLC Series 2005-CB8, Class AF3(e)
	25,000		3.870		12/25/35	25,394
Lehman XS Trust Series 2007-3, Class 1BA2(c)
	37,192		1.953		03/25/37	31,245
Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A(c)
	139,000		1.407		11/25/36	55,255
Saxon Asset Securities Trust Series 2007-2, Class A2C(c)
	76,776		1.477		05/25/47	61,357
Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-NC2, Class M4(c)
	100,000		1.707		05/25/35	99,625
VOLT XXV LLC Series 2015-NPL8, Class A1(a)(e)
	55,374		3.500		06/26/45	55,393
						333,143

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans(b)(c) – 12.6%
Academic Loan Funding Trust Series 2012-1A, Class A2(a)
$	150,000		2.337	%	12/27/44	$     149,720
Access Group, Inc. Series 2015-1, Class A(a)
	63,353		1.937		07/25/56	63,431
Bank of America Student Loan Trust Series 2010-1A, Class A(a)
	37,445		2.114		02/25/43	37,627
Brazos Higher Education Authority, Inc. Series 2005-2, Class A11
	9,596		1.468		09/27/21	9,585
ECMC Group Student Loan Trust Series 2016-1A, Class A(a)
	115,583		2.587		07/26/66	115,656
EFS Volunteer No. 2 LLC Series 2012-1, Class A2(a)
	250,000		2.587		03/25/36	253,519
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3
	100,000		2.286		07/20/43	99,903
Navient Student Loan Trust Series 2016-5A, Class A(a)
	263,869		2.487		06/25/65	269,161
Navient Student Loan Trust Series 2016-7A, Class A(a)
	135,651		2.387		03/25/66	137,295
Navient Student Loan Trust Series 2017-5A, Class A(a)
	250,000		2.050		07/26/66	249,998
Nelnet Student Loan Trust Series 2006-1, Class A6(a)
	150,000		1.764		08/23/36	146,027
Northstar Education Finance, Inc. Series 2007-1, Class A1
	92,746		1.414		04/28/30	92,167
PHEAA Student Loan Trust Series 2016-1A, Class A(a)
	162,155		2.387		09/25/65	165,036
Scholar Funding Trust Series 2010-A, Class A(a)
	46,347		2.064		10/28/41	46,045
SLM Student Loan Trust Series 2003-14, Class A5
	15,908		1.544		01/25/23	15,916
SLM Student Loan Trust Series 2003-7A, Class A5A(a)
	143,732		2.520		12/15/33	145,500
SLM Student Loan Trust Series 2005-5, Class A5
	100,000		2.064		10/25/40	98,592
SLM Student Loan Trust Series 2007-1, Class A5
	187,245		1.404		01/26/26	186,861
SLM Student Loan Trust Series 2008-3, Class A3
	69,475		2.314		10/25/21	69,459
SLM Student Loan Trust Series 2008-5, Class A4
	190,603		3.014		07/25/23	196,082
SLM Student Loan Trust Series 2008-6, Class A4
	100,000		2.414		07/25/23	100,893
SLM Student Loan Trust Series 2008-8, Class A4
	100,000		2.814		04/25/23	102,350
SLM Student Loan Trust Series 2012-3, Class A
	114,106		1.887		12/27/38	114,979
SunTrust Student Loan Trust Series 2006-1A, Class A4(a)
	160,462		1.504		10/28/37	151,221
						3,017,023
TOTAL ASSET-BACKED SECURITIES (Cost $7,350,154)						$  7,428,094
Foreign Government Securities – 5.4%
Argentina Government International Bond(a)
$	220,000		7.125	%	06/28/17	$     219,560
Brazilian Government International Bond(f)
BRL	202,000		0.000	(g)	10/01/19	54,786
	32,000		10.000		01/01/27	10,545
	11,000		6.000		08/15/50	11,832

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Government Securities – (continued)
Dominican Republic International Bond
$	100,000		5.875	%	04/18/24	$     108,250
	100,000		5.500		01/27/25	105,500
Ecuador Government International Bond
	200,000		9.650		12/13/26	210,000
Indonesia Government International Note(a)
	200,000		3.850		07/18/27	205,730
Mexico Government International Bond
MXN	858,500		6.500		06/10/21	46,790
	736,400		6.500		06/09/22	40,052
	290,500		8.000		12/07/23	16,950
	223,400		7.750		11/23/34	12,999
	207,100		8.500		11/18/38	12,947
	8,200		8.000		11/07/47	491
Republic of South Africa
ZAR	660,000		7.000		02/28/31	40,599
	1,305,000		8.250		03/31/32	88,108
	230,000		8.875		02/28/35	16,052
	280,000		8.500		01/31/37	18,618
	150,000		6.500		02/28/41	7,853
	130,000		8.750		01/31/44	8,674
	420,000		8.750		02/28/48	28,058
Venezuela Government Bond
$	20,000		6.000		12/09/20	7,700
	50,000		9.250		05/07/28	17,125
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $1,247,567)						$  1,289,219
Municipal Bonds – 1.2%
Illinois – 0.3%
Illinois State GO Bonds Pension Funding Series 2003
$	35,000		5.100	%	06/01/33	$       35,396
Illinois State GO Bonds Series 2010-5
	25,000		7.350		07/01/35	28,671
						64,067
Puerto Rico(b) – 0.9%
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A
	10,000		5.500		07/01/28	7,500
	5,000		5.000		07/01/33	3,575
	5,000		5.125		07/01/37	3,575
	10,000		5.750		07/01/37	7,250
Puerto Rico Commonwealth GO Bonds Series 2014 A(f)
	100,000		8.000		07/01/35	48,500
Puerto Rico Commonwealth GO Refunding for Public Improvement Series 2008 A(f)
	20,000		5.500		07/01/32	9,225
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A(f)
	15,000		5.500		08/01/28	3,113
	25,000		6.000		08/01/42	5,187
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A(f)
	15,000		5.500		08/01/37	3,112
	155,000		5.375		08/01/39	32,162
	85,000		5.500		08/01/42	17,638
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C(f)
	10,000		5.375		08/01/38	2,075
	55,000		6.000		08/01/39	11,412
	105,000		5.250		08/01/41	21,788

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Puerto Rico(b) – (continued)
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2011 A-1(f)
$	170,000		5.000	%	08/01/43	$       35,275
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A(f)
	15,000		6.750		08/01/32	3,150
						214,537
TOTAL MUNICIPAL BONDS (Cost $536,358)						$     278,604
Loan Participations(b)(c)(f)(h) – 1.1%
Electric – 0.0%
Calpine Corp.
	(1 Mo. LIBOR + 1.75%),
$	6,818		2.990	%	11/30/17	$         6,824
Energy – 0.2%
American Energy - Marcellus, LLC(i)
	(1 Mo. LIBOR + 4.25%),
	23,614		5.485		08/04/20	17,460
Magnum Hunter Resources Corp.(i)
	(3 Mo. LIBOR + 14.00%),
	9,343		16.624		04/15/19	9,343
Murray Energy Corp.
	(3 Mo. LIBOR + 7.25%),
	24,868		8.583		04/16/20	22,744
						49,547
Entertainment – 0.1%
Lions Gate Entertainment Corp.
	(1 Mo. LIBOR + 3.00%),
	11,563		4.235		12/08/23	11,649
Media – 0.5%
Charter Communications Operating LLC
	(1 Mo. LIBOR + 2.00%),
	49,740		3.240		01/03/21	49,858
Checkout Holding Corp.
	(1 Mo. LIBOR + 6.75%),
	25,000		7.985		04/11/22	14,406
Getty Images, Inc.
	(3 Mo. LIBOR + 3.50%),
	57,064		4.833		10/18/19	49,241
						113,505
Noncaptive-Financial – 0.2%
Avolon
	(1 Mo. LIBOR + 2.75%),
	24,938		3.486		09/16/20	25,019
	(1 Mo. LIBOR + 2.25%),
	24,938		3.986		03/21/22	24,984
						50,003
Technology Hardware & Equipment – 0.1%
MA FinanceCo. LLC
	(1 Mo. LIBOR + 2.75%),
	3,224		3.987		06/21/24	3,228
Seattle Spinco, Inc.
	(1 Mo. LIBOR + 2.75%),
	21,776		3.987		06/21/24	21,803
						25,031
TOTAL LOAN PARTICIPATIONS (Cost $273,206)						$     256,559
U.S. Treasury Obligations – 32.9%
U.S. Treasury Bonds
$	250,000		3.000	%	05/15/45	$     257,513
	130,000		2.875		08/15/45	130,663
	310,000		2.875		11/15/46	311,147
U.S. Treasury Inflation Linked Bonds (TIPS)
	30,422		0.875		02/15/47	30,009

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
U.S. Treasury Inflation Linked Notes (TIPS)
$	370,633		0.125	%	04/15/18	$     370,940
	309,846		0.125		04/15/21	310,853
	206,040		0.625		01/15/26	208,924
	102,121		0.125		07/15/26	99,367
U.S. Treasury Notes
	200,000		0.875		11/30/17	199,938
	200,000		1.000		12/31/17	199,936
	200,000		1.750		09/30/19	201,044
	800,000		1.375		04/30/21	789,880
	4,560,000		2.125		07/31/24	4,553,251
	100,000		2.375		08/15/24	101,410
	100,000		2.250		11/15/25	100,005
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,897,363)						$  7,864,880

Shares	Distribution Rate	Value
Investment Company(j) – 6.2%
Goldman Sachs Financial Square Government Fund — Institutional Shares
1,488,977	0.927%	$  1,488,977
(Cost $1,488,977)
TOTAL INVESTMENTS – 99.0% (Cost $23,796,390)		$23,670,859
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%		233,532
NET ASSETS – 100.0%		$23,904,391

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

*	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 $7,496,225, which represents approximately 31.4% of net assets as of September 30, 2017 and are unaudited.
(b)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(c)	Variable rate security. Interest rate disclosed is that which is in effect on September 30, 2017.
(d)	Inverse floating rate security. Interest rate disclosed is that which is in effect on September 30, 2017.
(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.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	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, 2017. 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.
(i)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(j)	Represents an affiliated issuer.

Investment Abbreviations:
BA	— Banker Acceptance Rate
BBR	— Bank Bill Reference Rate
CD KADA	— 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
HICPXT	— Harmonised Index of Consumer Prices excluding Tobacco
LIBOR	— London Interbank Offered Rate
Mo.	— Month
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
SONIA	— Sterling Overnight Index Average
STIBOR	— Stockholm Interbank Offered Rate
TIIE	— Interbank Equilibrium Interest Rate
TIPS	— Treasury Inflation-Protected Securities
UK-RPI	— United Kingdom Retail Price Index
WIBOR	— Warsaw Interbank Offered Rate

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Currency Abbreviations:
ARS	— Argentina peso
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CNH	— Chinese Renminbi
COP	— Colombian Peso
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound
HKD	— Hong Kong Dollar
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2017, 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
Morgan Stanley Co., Inc.	ARS	844,162	USD	48,000	10/05/2017	$	48,709	$	709
	ARS	1,450,563	USD	82,905	10/06/2017		83,652		747
	ARS	1,848,283	USD	103,394	10/10/2017		106,345		2,951
	ARS	300,186	USD	17,183	10/11/2017		17,262		79
	ARS	148,288	USD	8,481	10/12/2017		8,522		41
	ARS	1,490,616	USD	83,567	10/23/2017		85,130		1,563
	ARS	764,223	USD	43,513	10/25/2017		43,595		82
	ARS	598,723	USD	33,447	10/30/2017		34,056		609
	ARS	1,113,942	USD	61,989	11/01/2017		63,289		1,300
	ARS	620,647	USD	34,816	11/02/2017		35,242		426
	ARS	937,024	USD	52,662	11/07/2017		53,063		401
	ARS	774,067	USD	43,609	11/08/2017		43,811		202
	ARS	1,365,445	USD	76,743	11/13/2017		77,073		330
	ARS	547,917	USD	30,747	11/17/2017		30,860		113
	ARS	676,202	USD	37,634	11/24/2017		37,940		306
	AUD	155,595	USD	121,656	12/20/2017		121,935		279
	BRL	1,379,702	USD	433,001	10/03/2017		435,629		2,628
	BRL	2,140,961	USD	667,822	11/03/2017		672,967		5,145
	BRL	360,957	USD	112,855	12/04/2017		112,989		134
	CAD	23,714	AUD	24,000	12/20/2017		19,015		207
	CAD	25,534	USD	20,472	12/20/2017		20,475		3
	CHF	277,313	EUR	240,980	12/20/2017		287,940		1,849
	CNH	1,086,646	USD	162,365	12/20/2017		162,712		347
	CZK	3,873,476	EUR	145,532	10/03/2017		176,204		4,201
	CZK	2,403,054	EUR	90,000	11/09/2017		109,531		2,945
	CZK	4,910,115	EUR	183,550	11/21/2017		223,951		6,431
	CZK	5,362,314	EUR	204,491	11/22/2017		244,589		2,239
	CZK	15,327,210	EUR	589,133	12/20/2017		700,942		1,524
	CZK	5,859,083	EUR	219,685	01/03/2018		266,991		6,989
	EUR	41,000	CHF	46,799	12/20/2017		48,675		82
	EUR	40,000	HUF	12,402,272	12/20/2017		47,488		274
	EUR	162,000	NOK	1,509,952	12/20/2017		192,326		2,393
	EUR	56,951	PLN	244,598	12/20/2017		67,613		567
	EUR	53,000	SEK	503,969	12/20/2017		62,922		753
	EUR	958,834	USD	1,130,295	10/12/2017		1,133,802		3,507
	EUR	350,927	USD	414,989	12/20/2017		416,621		1,632
	GBP	150,473	EUR	168,053	12/20/2017		202,131		2,618
	GBP	36,000	JPY	5,409,900	12/20/2017		48,359		91
	GBP	331,000	USD	444,042	11/16/2017		444,154		112
	GBP	42,223	USD	56,359	12/20/2017		56,718		359
	HKD	1,495,142	USD	192,000	03/27/2018		192,168		168
	IDR	1,329,254,996	USD	97,771	11/02/2017		98,431		660
	IDR	1,953,912,602	USD	143,143	12/20/2017		143,917		774
	IDR	1,534,975,575	USD	112,164	12/21/2017		113,046		882
	INR	1,905,300	USD	29,000	11/03/2017		29,032		32
	INR	7,374,200	USD	111,272	01/12/2018		111,496		224
	JPY	5,364,948	EUR	40,000	12/20/2017		47,868		380
	JPY	52,641,587	USD	469,565	12/20/2017		469,683		118
	KRW	10,739,445	USD	9,379	10/25/2017		9,381		2
	NZD	128,658	USD	92,676	12/20/2017		92,786		110
	PHP	5,887,492	USD	114,772	10/05/2017		115,831		1,059
	PHP	4,049,419	USD	79,031	10/10/2017		79,556		525
	PHP	2,494,609	USD	48,847	10/19/2017		48,980		133
	PHP	8,517,102	USD	166,058	11/14/2017		166,911		853
	PLN	177,605	EUR	41,000	12/20/2017		48,682		7
	PLN	129,963	HUF	9,320,488	12/20/2017		35,623		141

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (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
Morgan Stanley Co., Inc. (continued)	RUB	15,808,568	USD	269,000		12/14/2017	$	270,753	$	1,753
	SEK	1,100,372	EUR	114,039		12/20/2017		135,741		353
	SGD	25,773	USD	19,000		12/20/2017		19,017		17
	TRY	351,485	USD	95,949		12/20/2017		96,398		449
	TWD	530,525	USD	17,454		10/02/2017		17,495		41
	TWD	4,009,277	USD	131,275		10/20/2017		132,036		761
	TWD	1,440,480	USD	47,377		10/26/2017		47,453		76
	USD	269,600	AUD	337,000		11/08/2017		264,222		5,378
	USD	1,248,754	AUD	1,561,372		12/20/2017		1,223,601		25,153
	USD	192,000	BRL	603,680		10/03/2017		190,607		1,393
	USD	22,331	BRL	71,023		11/03/2017		22,325		6
	USD	171,339	BRL	547,000		12/04/2017		171,226		113
	USD	139,870	CAD	170,235		11/06/2017		136,466		3,404
	USD	552,365	CAD	681,903		12/20/2017		546,785		5,580
	USD	48,000	CHF	45,947		12/20/2017		47,708		292
	USD	48,000	CLP	29,702,400		10/12/2017		46,400		1,600
	USD	47,469	CLP	29,705,522		10/16/2017		46,400		1,069
	USD	281,802	CNH	1,875,320		12/20/2017		280,806		996
	USD	48,000	COP	140,333,280		10/25/2017		47,645		355
	USD	1,329,063	EUR	1,107,598		12/20/2017		1,314,939		14,124
	USD	117,198	GBP	87,095		12/20/2017		116,996		202
	USD	221,811	HKD	1,718,504		10/03/2017		219,994		1,817
	USD	267,012	HKD	2,074,214		10/10/2017		265,575		1,437
	USD	588,466	HKD	4,552,288		03/27/2018		585,098		3,368
	USD	197,000	HKD	1,526,257		05/11/2018		196,316		684
	USD	239,000	HKD	1,853,804		09/19/2018		238,865		135
	USD	108,405	IDR	1,433,668,852		10/10/2017		106,375		2,030
	USD	129,642	IDR	1,742,258,000		10/16/2017		129,204		438
	USD	143,000	IDR	1,900,215,460		10/18/2017		141,081		1,919
	USD	392,335	INR	25,211,150		10/18/2017		384,966		7,369
	USD	95,156	INR	6,181,359		10/25/2017		94,299		857
	USD	78,845	JPY	8,587,869		10/25/2017		76,404		2,441
	USD	204,854	JPY	22,582,253		12/20/2017		201,485		3,369
	USD	285,614	KRW	325,978,110		10/10/2017		284,709		905
	USD	146,271	KRW	166,288,879		10/12/2017		145,238		1,033
	USD	66,543	KRW	75,453,199		10/25/2017		65,906		637
	USD	353,482	KRW	403,192,360		11/10/2017		352,227		1,255
	USD	136,388	MXN	2,441,337		10/06/2017		133,997		2,391
	USD	381,479	MXN	6,887,360		12/20/2017		373,451		8,028
	USD	37,315	NOK	291,027		10/19/2017		36,553		762
	USD	449,805	NZD	619,566		12/20/2017		446,822		2,983
	USD	42,580	PHP	2,165,544		10/10/2017		42,545		35
	USD	96,000	PHP	4,872,412		10/26/2017		95,621		379
	USD	19,000	PHP	966,994		11/02/2017		18,968		32
	USD	130,065	RUB	7,555,651		12/14/2017		129,406		659
	USD	130,577	SEK	1,036,675		10/19/2017		127,395		3,182
	USD	400,951	SGD	538,385		12/20/2017		397,258		3,693
	USD	48,000	THB	1,599,483		10/11/2017		47,962		38
	USD	373,870	TRY	1,342,473		12/20/2017		368,183		5,687
	USD	17,726	TWD	530,525		10/02/2017		17,496		230
	USD	19,000	TWD	569,810		10/19/2017		18,764		236
	USD	1,085,730	TWD	32,732,050		10/20/2017		1,077,954		7,776
	USD	255,859	TWD	7,708,550		10/23/2017		253,901		1,958
	USD	22,033	TWD	665,516		10/26/2017		21,923		110
	USD	533,971	TWD	15,958,630		11/10/2017		526,132		7,839
	USD	193,457	ZAR	2,601,553		11/14/2017		190,820		2,637
	USD	22,128	ZAR	303,249		12/20/2017		22,115		13
	ZAR	1,982,287	USD	144,000		12/20/2017		144,563		563
TOTAL									$	205,276

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Current Value		Unrealized Loss
Morgan Stanley Co., Inc.	ARS	844,162	USD	47,923	11/03/2017	$	47,908	$	(15	)
	ARS	2,092,078	USD	118,797	11/21/2017		117,575		(1,222	)
	AUD	60,000	NZD	66,010	12/20/2017		47,020		(585	)
	AUD	320,091	USD	256,073	11/08/2017		250,965		(5,108	)
	AUD	882,454	USD	699,836	12/20/2017		691,552		(8,284	)
	BRL	2,213,083	USD	703,861	10/03/2017		698,762		(5,099	)
	BRL	110,793	USD	35,218	11/03/2017		34,826		(392	)
	CAD	348,525	USD	286,357	11/06/2017		279,388		(6,969	)
	CAD	997,274	USD	817,268	12/20/2017		799,665		(17,603	)
	CNH	2,593,970	USD	392,609	12/20/2017		388,414		(4,195	)
	COP	261,734,466	USD	89,984	10/25/2017		88,863		(1,121	)
	EUR	235,750	CHF	271,071	12/20/2017		279,883		(1,575	)
	EUR	148,865	CZK	3,873,476	10/03/2017		175,944		(261	)
	EUR	30,668	CZK	798,593	12/20/2017		36,409		(112	)
	EUR	279,021	GBP	248,573	12/20/2017		331,254		(2,657	)
	EUR	318,819	USD	382,401	12/20/2017		378,503		(3,898	)
	GBP	353,290	EUR	400,000	12/20/2017		474,578		(302	)
	GBP	475,499	USD	646,723	12/20/2017		638,743		(7,980	)
	HKD	1,718,504	USD	220,061	10/03/2017		219,993		(68	)
	HUF	12,770,352	EUR	41,000	12/20/2017		48,615		(60	)
	HUF	62,896,050	USD	247,671	12/20/2017		239,436		(8,235	)
	IDR	3,488,888,177	USD	260,864	10/05/2017		258,988		(1,876	)
	IDR	1,989,063,758	USD	149,069	10/10/2017		147,585		(1,484	)
	IDR	2,505,447,481	USD	186,769	10/16/2017		185,801		(968	)
	IDR	1,082,447,277	USD	81,151	10/26/2017		80,203		(948	)
	IDR	1,294,831,680	USD	96,000	10/31/2017		95,898		(102	)
	IDR	3,186,371,000	USD	236,553	11/16/2017		235,597		(956	)
	INR	10,448,600	USD	162,992	10/05/2017		159,891		(3,101	)
	INR	16,027,923	USD	249,216	10/10/2017		245,000		(4,216	)
	INR	27,396,476	USD	425,093	10/18/2017		418,334		(6,759	)
	INR	8,935,298	USD	137,192	10/25/2017		136,312		(880	)
	INR	12,505,507	USD	192,000	10/26/2017		190,752		(1,248	)
	INR	3,074,400	USD	46,869	11/03/2017		46,846		(23	)
	JPY	5,384,632	EUR	40,787	12/20/2017		48,043		(379	)
	JPY	9,915,000	USD	91,029	10/25/2017		88,211		(2,818	)
	JPY	32,787,177	USD	297,531	12/20/2017		292,537		(4,994	)
	KRW	325,978,110	USD	289,230	10/10/2017		284,709		(4,521	)
	KRW	166,288,879	USD	147,136	10/12/2017		145,238		(1,898	)
	KRW	154,085,669	USD	135,531	10/25/2017		134,590		(941	)
	KRW	201,475,334	USD	178,090	11/10/2017		176,008		(2,082	)
	KRW	307,699,953	USD	269,129	11/22/2017		268,843		(286	)
	MXN	13,478,205	USD	746,697	12/20/2017		730,826		(15,871	)
	NOK	6,155,416	EUR	657,009	12/20/2017		774,273		(5,729	)
	NZD	65,608	EUR	40,000	12/20/2017		47,316		(172	)
	NZD	723,661	USD	526,081	12/20/2017		521,894		(4,187	)
	PEN	155,868	USD	48,000	10/05/2017		47,744		(256	)
	PEN	311,016	USD	96,000	10/10/2017		95,247		(753	)
	PEN	311,292	USD	95,430	12/14/2017		95,049		(381	)
	PLN	3,410,775	EUR	798,381	12/20/2017		934,910		(12,927	)
	PLN	1,715,628	USD	483,217	12/20/2017		470,262		(12,955	)
	RUB	29,337,854	USD	503,955	12/14/2017		502,468		(1,487	)
	SEK	17,058,531	EUR	1,787,119	12/20/2017		2,104,324		(17,344	)
	SEK	1,042,000	USD	131,247	10/19/2017		128,048		(3,199	)
	SGD	193,512	USD	144,000	12/20/2017		142,787		(1,213	)
	THB	1,587,264	USD	48,000	10/11/2017		47,595		(405	)
	TRY	1,663,657	USD	471,110	12/20/2017		456,271		(14,839	)
	TWD	1,440,480	USD	48,000	10/05/2017		47,478		(522	)
	TWD	9,103,530	USD	301,148	10/20/2017		299,803		(1,345	)
	TWD	571,235	USD	19,000	10/23/2017		18,815		(185	)
	TWD	2,471,625	USD	81,554	10/26/2017		81,421		(133	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (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
Morgan Stanley Co., Inc. (continued)	USD	48,655	ARS	844,162		10/05/2017	$	48,709	$	(54	)
	USD	87,465	AUD	111,932		12/20/2017		87,718		(253	)
	USD	927,607	BRL	2,989,105		10/03/2017		943,784		(16,177	)
	USD	48,000	BRL	153,744		11/03/2017		48,326		(326	)
	USD	48,000	CHF	46,396		12/20/2017		48,174		(174	)
	USD	38,000	COP	112,210,086		10/31/2017		38,066		(66	)
	USD	1,169,391	EUR	992,000		10/12/2017		1,173,020		(3,629	)
	USD	186,058	EUR	157,055		12/20/2017		186,455		(397	)
	USD	458,500	GBP	341,778		11/16/2017		458,616		(116	)
	USD	306,462	GBP	230,342		12/20/2017		309,422		(2,960	)
	USD	257,749	IDR	3,488,888,177		10/05/2017		258,987		(1,238	)
	USD	159,646	INR	10,448,600		10/05/2017		159,891		(245	)
	USD	48,000	INR	3,152,640		10/26/2017		48,089		(89	)
	USD	232,231	JPY	26,116,257		12/20/2017		233,015		(784	)
	USD	134,000	KRW	154,046,400		11/10/2017		134,574		(574	)
	USD	94,402	NZD	131,505		12/20/2017		94,840		(438	)
	USD	48,000	PHP	2,458,159		10/19/2017		48,264		(264	)
	USD	48,000	PHP	2,453,064		10/20/2017		48,161		(161	)
	USD	48,000	PHP	2,453,450		10/26/2017		48,149		(149	)
	USD	209,968	RUB	12,317,763		12/14/2017		210,966		(998	)
	USD	115,000	SGD	156,666		12/20/2017		115,598		(598	)
	USD	46,970	TRY	171,353		12/20/2017		46,995		(25	)
	USD	47,338	TWD	1,440,480		10/05/2017		47,478		(140	)
	ZAR	6,792,686	USD	512,512		12/20/2017		495,373		(17,139	)
TOTAL									$	(257,118	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2017, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Euro-Bund	2	12/07/2017	$	380,595		$	(2,366	)
U.S. Treasury 10 Year Note	22	12/19/2017		2,756,875			(25,879	)
Total						$	(28,245	)
Short position contracts:
3 Month Eurodollar	(11)	12/17/2018		(2,698,712	)		(980	)
Euro-BTP	(4)	12/07/2017		(638,037	)		1,173
U.S. Treasury 10 Year Ultra Note	(1)	12/19/2017		(134,328	)		1,573
U.S. Treasury 2 Year Note	(13)	12/29/2017		(2,804,141	)		7,820
U.S. Treasury 5 Year Note	(109)	12/29/2017		(12,807,500	)		87,514
U.S. Treasury Long Bond	(19)	12/19/2017		(2,903,438	)		41,090
U.S. Treasury Ultra Bond	(3)	12/19/2017		(495,375	)		8,484
Total						$	146,674
Total futures contracts						$	118,429

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2017, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index(a)	Financing Rate Received (Paid) by the Fund (%)		Termination Date		Notional Amount		Credit Spread on September 30, 2017		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX North America High Yield Index		(5.000)		12/20/2022	USD	2,300,000		3.253%	$	(183,054)	$	(169,973)	$	(13,081)
CDX North America Investment Grade Index		(1.000)		06/20/2022	USD	2,295,000		0.529		(49,161)		(43,577)		(5,584)
iTraxx Europe Index		(1.000)		06/20/2022	EUR	2,020,000		0.480		(59,033)		(50,882)		(8,151)
Markit CDX Emerging Markets Index		(1.000)		06/20/2022	USD	1,725,000		1.723		53,630		64,833		(11,203)
Markit CDX Emerging Markets Index		(1.000)		12/20/2022	USD	1,970,000		1.853		78,942		82,241		(3,299)
											$	(117,358)	$	(41,318)

(a) Payments made quarterly.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund (%)			Counterparty	Termination Date	Notional Amount		Credit Spread on September 30, 2017		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 4.250%, 10/28/27		(1.000	)	Bank of America, NA	06/20/2019	USD	30,000		0.207%	$	(416	)	$	(68	)	$	(348	)
People’s Republic of China, 4.250%, 10/28/27		(1.000	)		06/20/2019	USD	180,000		0.207		(2,498	)		(393	)		(2,105	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)		12/20/2020	USD	170,000		0.379		(3,376	)		648			(4,024	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	Barclays Bank PLC	06/20/2021	USD	120,000		0.442		(2,452	)		622			(3,074	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	Deutsche Bank AG	06/20/2021	USD	170,000		0.442		(3,475	)		(31	)		(3,444	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)		12/20/2021	USD	50,000		0.490		(1,050	)		83			(1,133	)
People’s Republic of China, 4.250%, 10/28/27		(1.000	)	JPMorgan Chase Bank NA	06/20/2019	USD	1,250,000		0.207		(17,347	)		(2,065	)		(15,282	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)		06/20/2021	USD	140,000		0.442		(2,862	)		417			(3,279	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)		12/20/2020	USD	1,220,000		0.379		(24,226	)		7,050			(31,276	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	UBS AG	06/20/2021	USD	220,000		0.442		(4,495	)		786			(5,281	)
													$	7,049		$	(69,246	)

(a) Payments made quarterly.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date		Notional Amount			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1 Day SONIA(b)	0.297%		12/14/2017	GBP	38,990,000	(a)	$	(4,483	)	$	265		$	(4,748	)
3 Month STIBOR(c)	0.050		06/15/2018	SEK	16,750,000			8,054			6,522			1,532
3 Month STIBOR(c)	(0.330)		09/15/2018	SEK	13,240,000			1,387			277			1,110
6 Month LIBOR(d)	(0.554)		03/29/2019	CHF	4,520,000	(a)		(229	)		(370	)		141
1.826%(d)	3 Month LIBOR		05/11/2019	USD	3,140,000	(a)		(668	)		(1,515	)		847
6 Month WIBOR (d)	3.048		06/17/2019	PLN	90,000			534			228			306
3.045(b)	6 Month WIBOR		06/17/2019	PLN	90,000			(533	)		0			(533	)
3 Month STIBOR(c)	(0.100)		06/29/2019	SEK	22,730,000	(a)		150			(458	)		608
3 Month BA(d)	1.250		12/20/2019	CAD	3,410,000	(a)		(39,042	)		(40,444	)		1,402
2.000(d)	3 Month LIBOR		12/20/2019	USD	2,640,000	(a)		(10,209	)		(16,230	)		6,021
1 Month TIIE (e)	6.750		12/14/2022	MXN	6,025,000	(a)		(484	)		47			(531	)
2.500(d)	6 Month BBR		12/20/2022	AUD	1,070,000	(a)		6,243			(1,422	)		7,665
3 Month BA(d)	1.750		12/20/2022	CAD	1,270,000	(a)		(20,518	)		(21,080	)		562
6 Month EURIBOR(d)	0.250		12/20/2022	EUR	1,280,000	(a)		(4,240	)		50			(4,290	)
3 Month STIBOR(c)	0.500		12/20/2022	SEK	11,670,000	(a)		(2,941	)		1,982			(4,923	)
2.250(d)	3 Month LIBOR		12/20/2022	USD	1,780,000			(17,009	)		(29,190	)		12,181
2.143(d)	3 Month LIBOR		07/03/2023	USD	380,000	(a)		(17	)		(631	)		614
3 Month LIBOR (c)	2.065		08/06/2023	USD	1,990,000	(a)		(8,543	)		2,027			(10,570	)
6 Month EURIBOR(d)	1.330		01/12/2027	EUR	1,090,000	(a)		(6,247	)		(9,152	)		2,905
6 Month LIBOR(d)	1.600		03/16/2027	GBP	2,740,000	(a)		(18,742	)		1,708			(20,450	)
1.500(b)	6 Month EURIBOR		08/31/2027	EUR	420,000	(a)		1,777			(703	)		2,480
3 Month LIBOR(c)	2.400		08/31/2027	USD	480,000	(a)		(3,740	)		(553	)		(3,187	)
3 Month BA(d)	2.500		09/21/2027	CAD	1,070,000	(a)		(7,135	)		(3,080	)		(4,055	)
2.500(d)	3 Month LIBOR		09/21/2027	USD	850,000	(a)		3,197			(293	)		3,490
3 Month BA(d)	2.000		12/20/2027	CAD	1,500,000	(a)		(47,091	)		(39,082	)		(8,009	)
6 Month EURIBOR(d)	1.000		12/20/2027	EUR	1,340,000	(a)		6,456			24,195			(17,739	)
1.250(d)	6 Month LIBOR		12/20/2027	GBP	700,000	(a)		18,522			(12,601	)		31,123
0.250(d)	6 Month LIBOR		12/20/2027	JPY	47,650,000	(a)		2,267			1,238			1,029
2.500(d)	3 Month LIBOR		12/20/2027	USD	850,000	(a)		(14,419	)		(29,602	)		15,183
3 Month LIBOR(c)	2.378		07/03/2028	USD	1,420,000	(a)		(175	)		23			(198	)
2.346(d)	3 Month LIBOR		08/06/2028	USD	1,120,000	(a)		4,319			(2,484	)		6,803
1.940(d)	6 Month LIBOR		01/11/2032	GBP	870,000	(a)		2,841			(1,170	)		4,011
1.500(d)	6 Month LIBOR		12/20/2032	GBP	480,000	(a)		11,020			(12,553	)		23,573
1.750(d)	6 Month LIBOR		03/17/2037	GBP	1,980,000	(a)		43,637			9,308			34,329
1.500(d)	6 Month LIBOR		12/20/2047	GBP	130,000	(a)		7,042			(2,667	)		9,709
2.560(d)	3 Month LIBOR		07/03/2048	USD	590,000	(a)		885			21			864
							$	(88,134	)	$	(177,389	)	$	89,255

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2017.

(b) Payments made annually.

(c) Payments made quarterly.

(d) Payments made semi-annually.

(e) Payments made weekly.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund (%)	Counterparty	Termination Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)(a)
3 Month CD KSDA(b)	2.060	Bank of America, NA		11/04/2017	KRW	290,710,000	$	438	$	438
3 Month CD KSDA(b)	2.075			11/04/2017	KRW	173,640,000		267		267
1 Day CDI(c)	11.980			01/04/2021	BRL	226,191		8,789		8,789
3 Month CD KSDA(b)	2.245	Deutsche Bank AG		10/06/2017	KRW	142,230,000		282		282
3 Month CD KSDA(b)	2.253			10/15/2017	KRW	209,280,000		393		393
							$	10,169	$	10,169

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

(b) Payments made at quarterly.

(c) Payments made at maturity.

CENTRALLY CLEARED INFLATION-LINKED SWAP CONTRACT

Payments Made by the Fund(a)	Payments Received by the Fund (%)	Termination Date		Notional Amount		Value	Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1 Month UK-RPI	3.370		07/15/2022		GBP 330,000	$(1,748)	$	14		$	(1,762	)
1 Month UK-RPI	3.364		06/15/2027		GBP 170,000	(1,351)		(715	)		(636	)
1 Month HICPXT	1.600		08/15/2032		EUR 410,000	(2,006)		10			(2,016	)
						$(5,105)	$	(691	)	$	(4,414	)

(a) Payments made at maturity.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At September 30, 2017, the Fund had the following purchased options:

Description

Counterparty

Exercise Price/ FX Rate

Expiration Date

Number of Contracts

Notional Amount

Value

Premiums Paid (Received) by the Fund

Unrealized Appreciation/ (Depreciation)

Purchased options contracts:

Puts

Mid-Curve 1-Year Eurodollar

Credit Suisse Securities LLC

98.00 USD

06/15/2018

USD 11

2,750,000

$

4,263

$

3,050

$

1,213

GOLDMAN SACHS VARIABLE INSAURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.4%
	Australia – 3.1%
	113,320	Australia & New Zealand Banking Group Ltd. (Banks)	$     2,639,630
	63,976	BHP Billiton plc (Materials)	1,128,921
	115,183	Computershare Ltd. (Software & Services)	1,310,467
			5,079,018
	Belgium – 2.7%
	36,347	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)	4,344,820
	China – 0.8%
	476,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*	1,335,238
	Denmark – 2.9%
	67,670	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	3,253,488
	29,458	Novozymes A/S Class B (Materials)	1,513,188
			4,766,676
	Finland – 1.3%
	359,117	Nokia OYJ (Technology Hardware & Equipment)	2,157,756
	France – 11.9%
	20,376	Air Liquide SA (Materials)	2,717,256
	31,219	BNP Paribas SA (Banks)	2,518,617
	7,455	Iliad SA (Telecommunication Services)	1,981,565
	73,767	Klepierre SA (REIT)	2,897,313
	39,894	Publicis Groupe SA (Media)	2,790,869
	53,258	Rexel SA (Capital Goods)	921,344
	26,360	Safran SA (Capital Goods)	2,693,705
	30,021	Vinci SA (Capital Goods)	2,852,389
			19,373,058
	Germany – 8.6%
	33,370	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	4,558,453
	38,644	Beiersdorf AG (Household & Personal Products)	4,160,637
	44,854	GEA Group AG (Capital Goods)	2,041,912
	11,845	HeidelbergCement AG (Materials)	1,218,964
	19,311	SAP SE (Software & Services)	2,117,360
			14,097,326
	Hong Kong – 0.8%
	1,286,500	HKBN Ltd. (Telecommunication Services)	1,343,872
	Ireland – 3.6%
	253,326	Bank of Ireland Group plc (Banks)	2,073,386

Shares		Description	Value
	Common Stocks – (continued)
	Ireland – (continued)
	40,244	Kerry Group plc Class A (Food, Beverage & Tobacco)	$     3,861,949
			5,935,335
	Italy – 8.8%
	323,916	Davide Campari-Milano SpA (Food, Beverage & Tobacco)	2,352,990
	367,989	Enav SpA (Transportation)(a)	1,686,705
	587,601	Enel SpA (Utilities)	3,539,892
	70,432	Moncler SpA (Consumer Durables & Apparel)	2,035,030
	2,248,732	Telecom Italia SpA (Telecommunication Services)*	2,109,392
	124,765	UniCredit SpA (Banks)*	2,662,447
			14,386,456
	Japan – 19.1%
	14,700	Dentsu, Inc. (Media)	645,744
	16,700	East Japan Railway Co. (Transportation)	1,541,549
	20,400	Hoshizaki Corp. (Capital Goods)	1,792,002
	65,000	Hoya Corp. (Health Care Equipment & Services)	3,515,125
	101,400	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	3,322,976
	56,200	Kao Corp. (Household & Personal Products)	3,308,682
	61,500	KDDI Corp. (Telecommunication Services)	1,621,139
	128,300	Mitsubishi Estate Co. Ltd. (Real Estate)	2,229,776
	24,100	Nidec Corp. (Capital Goods)	2,962,634
	6,800	Nintendo Co. Ltd. (Software & Services)	2,507,387
	125,000	ORIX Corp. (Diversified Financials)	2,018,028
	57,800	Pola Orbis Holdings, Inc. (Household & Personal Products)	1,747,740
	61,800	Sumitomo Mitsui Financial Group, Inc. (Banks)	2,375,541
	28,400	Suzuki Motor Corp. (Automobiles & Components)	1,490,576
			31,078,899
	Netherlands – 7.7%
	40,241	Aalberts Industries NV (Capital Goods)	1,945,166
	95,477	ING Groep NV (Banks)	1,759,866
	292,787	Royal Dutch Shell plc Class A (Energy)	8,848,566
			12,553,598
	Singapore – 1.7%
	176,785	DBS Group Holdings Ltd. (Banks)	2,721,440
	Spain – 1.2%
	229,836	EDP Renovaveis SA (Utilities)	1,956,728

GOLDMAN SACHS VARIABLE INSAURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – 8.8%
	195,640	Credit Suisse Group AG (Registered) (Diversified Financials)*	$       3,099,837
	38,623	Ferguson plc (Capital Goods)	2,534,026
	56,341	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	4,832,646
	224,925	UBS Group AG (Registered) (Diversified Financials)*	3,847,788
			14,314,297
	United Kingdom – 14.1%
	268,931	Aviva plc (Insurance)	1,856,145
	129,067	BTG plc (Pharmaceuticals, Biotechnology & Life Sciences)*	1,169,895
	132,750	Compass Group plc (Consumer Services)	2,816,629
	36,557	InterContinental Hotels Group plc (Consumer Services)	1,933,890
	420,267	Melrose Industries plc (Capital Goods)	1,198,997
	381,159	Merlin Entertainments plc (Consumer Services)(a)	2,274,760
	168,735	Pennon Group plc (Utilities)	1,801,629
	26,892	Reckitt Benckiser Group plc (Household & Personal Products)	2,457,071
	463,458	Rentokil Initial plc (Commercial & Professional Services)	1,867,402
	33,998	Rio Tinto plc (Materials)	1,582,578
	235,865	UBM plc (Media)	2,158,405
	261,472	Virgin Money Holdings UK plc (Banks)	1,004,321
	294,483	Vodafone Group plc (Telecommunication Services)	824,608
			22,946,330
	United States – 1.3%
	41,433	Shire plc (Pharmaceuticals, Biotechnology & Life Sciences)	2,110,340
	TOTAL COMMON STOCKS (Cost $139,046,628)		$160,501,187

Shares	Distribution Rate	Value
Investment Company(b) – 0.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
17	0.927%	$                17
(Cost $17)

TOTAL INVESTMENTS –  98.4% (Cost $139,046,645)	$160,501,204
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%	2,628,310
NET ASSETS – 100.0%	$163,129,514

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 $3,961,465, which represents approximately 2.4% of net assets as of September 30, 2017 and are unaudited.
(b)	Represents an affiliated issuer.

Investment Abbreviation:
REIT	— Real Estate Investment Trust

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

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

Schedule of Investments

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.1%
	Automobiles & Components – 3.9%
	38,709	BorgWarner, Inc.	$   1,983,062
	46,530	Delphi Automotive plc	4,578,552
	124,567	General Motors Co.	5,030,016
	10,586	Gentex Corp.	209,603
	23,327	Lear Corp.	4,037,437
			15,838,670
	Banks – 5.4%
	22,159	Bank of America Corp.	561,509
	118,856	Citizens Financial Group, Inc.	4,501,077
	57,024	Comerica, Inc.	4,348,650
	61,915	JPMorgan Chase & Co.	5,913,502
	89,733	Regions Financial Corp.	1,366,634
	77,450	SunTrust Banks, Inc.	4,629,186
	1,646	SVB Financial Group*	307,950
	8,878	Wells Fargo & Co.	489,622
			22,118,130
	Capital Goods – 7.8%
	21,823	AerCap Holdings NV*	1,115,374
	108,970	Allison Transmission Holdings, Inc.	4,089,644
	37,780	AMETEK, Inc.	2,494,991
	54,487	Arconic, Inc.	1,355,637
	26,356	Boeing Co. (The)	6,699,959
	43,502	Caterpillar, Inc.	5,425,134
	17,968	Deere & Co.	2,256,601
	108,210	Masco Corp.	4,221,272
	5,275	Owens Corning	408,021
	928	Spirit AeroSystems Holdings, Inc. Class A	72,124
	6,092	Toro Co. (The)	378,069
	27,922	United Technologies Corp.	3,241,186
			31,758,012
	Commercial & Professional Services – 0.2%
	1,646	Equifax, Inc.	174,459
	13,682	KAR Auction Services, Inc.	653,179
			827,638
	Consumer Durables & Apparel – 0.8%
	9,865	Mohawk Industries, Inc.*	2,441,686
	26,403	PulteGroup, Inc.	721,594
			3,163,280
	Consumer Services – 3.6%
	56,006	Carnival Corp.	3,616,308
	16,854	Hilton Worldwide Holdings, Inc.	1,170,510
	22,047	International Game Technology plc	541,254
	64,231	Las Vegas Sands Corp.	4,121,061
	37,098	Royal Caribbean Cruises Ltd.	4,397,597
	8,101	Wyndham Worldwide Corp.	853,926
			14,700,656
	Diversified Financials – 4.3%
	105,752	Ally Financial, Inc.	2,565,543
	14,255	Berkshire Hathaway, Inc. Class B*	2,613,227
	2,479	Capital One Financial Corp.	209,872
	63,964	Intercontinental Exchange, Inc.	4,394,327
	24,418	Leucadia National Corp.	616,554
	3,117	MarketAxess Holdings, Inc.	575,118
	8,871	Nasdaq, Inc.	688,123
	15,473	S&P Global, Inc.	2,418,585
	104,423	Synchrony Financial	3,242,334
			17,323,683

Shares		Description	Value
	Common Stocks – (continued)
	Energy – 7.3%
	5,662	Andeavor	$       584,035
	15,914	Baker Hughes a GE Co.	582,771
	69,784	Chevron Corp.	8,199,620
	9,989	ConocoPhillips	499,950
	1,726	EOG Resources, Inc.	166,973
	30,586	Exxon Mobil Corp.	2,507,440
	98,350	Halliburton Co.	4,527,051
	31,269	HollyFrontier Corp.	1,124,746
	59,179	Marathon Oil Corp.	802,467
	14,334	Newfield Exploration Co.*	425,290
	52,292	Phillips 66	4,790,470
	3,465	Pioneer Natural Resources Co.	511,226
	61,897	Valero Energy Corp.	4,761,736
			29,483,775
	Food & Staples Retailing – 1.4%
	65,603	CVS Health Corp.	5,334,836
	12,013	Kroger Co. (The)	240,981
			5,575,817
	Food, Beverage & Tobacco – 3.6%
	102,974	Archer-Daniels-Midland Co.	4,377,425
	23,202	Bunge Ltd.	1,611,611
	123,635	Conagra Brands, Inc.	4,171,445
	53,341	Molson Coors Brewing Co. Class B	4,354,759
			14,515,240
	Health Care Equipment & Services – 5.9%
	73,780	Baxter International, Inc.	4,629,695
	27,663	Centene Corp.*	2,676,949
	22,477	Cigna Corp.	4,201,850
	59,226	Danaher Corp.	5,080,406
	14,746	Express Scripts Holding Co.*	933,717
	19,000	Humana, Inc.	4,628,970
	4,432	McKesson Corp.	680,800
	5,942	WellCare Health Plans, Inc.*	1,020,479
			23,852,866
	Household & Personal Products – 2.8%
	72,162	Colgate-Palmolive Co.	5,257,002
	10,593	Estee Lauder Cos., Inc. (The) Class A	1,142,349
	40,910	Kimberly-Clark Corp.	4,814,289
	3,481	Procter & Gamble Co. (The)	316,701
			11,530,341
	Insurance – 1.9%
	32,505	Aon plc	4,748,980
	37,632	Marsh & McLennan Cos., Inc.	3,153,938
			7,902,918
	Materials – 1.7%
	21,435	FMC Corp.	1,914,360
	23,592	Huntsman Corp.	646,893
	15,210	Owens-Illinois, Inc.*	382,683
	9,234	PPG Industries, Inc.	1,003,366
	23,183	Sealed Air Corp.	990,378
	31,496	WestRock Co.	1,786,768
	1,839	WR Grace & Co.	132,684
			6,857,132
	Media – 1.9%
	5,156	Comcast Corp. Class A	198,403
	197,643	Interpublic Group of Cos., Inc. (The)	4,108,998

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

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	48,292	Omnicom Group, Inc.	$    3,576,988
			7,884,389
	Pharmaceuticals, Biotechnology & Life Sciences – 10.9%
	6,968	Agilent Technologies, Inc.	447,345
	21,901	Alexion Pharmaceuticals, Inc.*	3,072,491
	35,110	Amgen, Inc.	6,546,259
	17,072	Biogen, Inc.*	5,345,585
	95,382	Bristol-Myers Squibb Co.	6,079,649
	31,552	Celgene Corp.*	4,600,913
	34,446	Exelixis, Inc.*	834,626
	19,306	Johnson & Johnson	2,509,973
	113,095	Merck & Co., Inc.	7,241,473
	2,067	Mettler-Toledo International, Inc.*	1,294,273
	28,314	Thermo Fisher Scientific, Inc.	5,357,009
	5,300	Vertex Pharmaceuticals, Inc.*	805,812
			44,135,408
	Real Estate – 4.6%
	138,499	American Homes 4 Rent Class A (REIT)	3,006,813
	37,897	American Tower Corp. (REIT)	5,179,762
	2,522	Equity LifeStyle Properties, Inc. (REIT)	214,572
	201,579	Host Hotels & Resorts, Inc. (REIT)	3,727,196
	60,520	Prologis, Inc. (REIT)	3,840,599
	46,280	Realogy Holdings Corp.	1,524,926
	7,930	SBA Communications Corp. (REIT)*	1,142,316
			18,636,184
	Retailing – 4.3%
	7,481	Amazon.com, Inc.*	7,191,859
	3,023	Burlington Stores, Inc.*	288,576
	1,736	Expedia, Inc.	249,880
	7,825	Home Depot, Inc. (The)	1,279,857
	66,395	Lowe’s Cos., Inc.	5,307,616
	7,838	Netflix, Inc.*	1,421,421
	1,009	Priceline Group, Inc. (The)*	1,847,298
			17,586,507
	Semiconductors & Semiconductor Equipment – 2.8%
	100,243	Applied Materials, Inc.	5,221,658
	8,058	Broadcom Ltd.	1,954,387
	1,721	Lam Research Corp.	318,454
	85,107	Maxim Integrated Products, Inc.	4,060,455
			11,554,954
	Software & Services – 15.9%
	29,613	Activision Blizzard, Inc.	1,910,335
	25,595	Adobe Systems, Inc.*	3,818,262
	7,358	Alliance Data Systems Corp.	1,630,165
	6,096	Alphabet, Inc. Class A*	5,935,797
	6,119	Alphabet, Inc. Class C*	5,868,794
	2,120	ANSYS, Inc.*	260,188
	2,143	Autodesk, Inc.*	240,573
	65,021	Cadence Design Systems, Inc.*	2,566,379
	44,290	Citrix Systems, Inc.*	3,402,358
	41,058	Electronic Arts, Inc.*	4,847,307
	44,121	Facebook, Inc. Class A*	7,538,955
	40,812	International Business Machines Corp.	5,921,005
	3,400	MercadoLibre, Inc.	880,362
	90,031	Microsoft Corp.	6,706,409
	4,677	ServiceNow, Inc.*	549,688
	5,752	Total System Services, Inc.	376,756

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	40,207	VeriSign, Inc.*	$  4,277,623
	72,809	Visa, Inc. Class A	7,662,419
			64,393,375
	Technology Hardware & Equipment – 5.4%
	70,979	Apple, Inc.(a)	10,939,284
	22,671	F5 Networks, Inc.*	2,733,216
	241,886	Flex Ltd.*	4,008,051
	52,453	HP, Inc.	1,046,962
	97,658	Jabil, Inc.	2,788,136
	8,581	Juniper Networks, Inc.	238,809
	3,291	Western Digital Corp.	284,342
			22,038,800
	Telecommunication Services – 0.1%
	10,370	AT&T, Inc.(a)	406,193
	Transportation – 0.3%
	6,894	JetBlue Airways Corp.*	127,746
	5,145	Norfolk Southern Corp.	680,374
	3,907	Ryder System, Inc.	330,337
			1,138,457
	Utilities – 2.3%
	303,885	AES Corp.	3,348,813
	64,669	CMS Energy Corp.	2,995,468
	14,937	MDU Resources Group, Inc.	387,615
	23,737	NiSource, Inc.	607,430
	28,654	PG&E Corp.	1,951,051
			9,290,377
	TOTAL INVESTMENTS – 99.1% (Cost $346,346,789)		$402,512,802
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%		3,500,537
	NET ASSETS – 100.0%		$406,013,339

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.

Investment Abbreviation:
REIT	— Real Estate Investment Trust

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

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

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2017, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	7	12/15/2017	$	880,635	$	10,610

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation —The Funds’, Portfolio’s and underlying Funds 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 accounting principles generally accepted in the United States of America (“GAAP”) defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ and Portfolio’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

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 consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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. With the exception of treasury securities of G8 countries, 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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. 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.

vi. 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. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

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 exchange contract is a forward contract in which a Fund and the portfolio agree 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 and the Portfolio deposit 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 and the Portfolio 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. For financial reporting purposes, cash collateral that has been pledged to cover obligations a Fund and the Portfolio and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund and the Portfolio, if any, is noted in the Schedule of Investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

Upon the purchase of a call option or a put option by a Fund and the Portfolio, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv. 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

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

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

JOINT REPURCHASE AGREEMENT ACCOUNT III — At September 30, 2017, the Government Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of October 2, 2017, as follows:

Principal Amount	Maturity Value	Collateral Value
$383,400,000	$383,434,096	$392,670,381

REPURCHASE AGREEMENTS — At September 30, 2017, 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 NV		1.070	%	$	36,804,183
Bank of America, NA		1.070			21,649,519
Bank of Nova Scotia (The)		1.060			95,257,886
BNP Paribas		1.060			32,907,270
Citigroup Global Markets, Inc.		1.080			28,101,076
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.070			30,123,141
TD Securities USA, LLC		1.060			8,659,808
Wells Fargo Securities, LLC		1.070			129,897,117
TOTAL				$	383,400,000

At September 30, 2017, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		2.550 to 3.330	%		07/15/31 to 02/01/33
Federal Home Loan Bank		4.000			09/01/28 to 10/24/29
Federal Home Loan Mortgage Corp.		0.750 to 6.000			04/09/18 to 10/01/47
Federal Home Loan Mortgage Corp. Stripped Security		0.000			03/15/30
Federal National Mortgage Association		0.875 to 7.500			02/08/18 to 08/01/48
Federal National Mortgage Association Stripped Security		0.000			03/23/28
Government National Mortgage Association		3.000 to 6.500			11/15/32 to 09/20/47
U.S. Treasury Bill		0.000			10/12/17
U.S. Treasury Bonds		2.500 to 7.625			11/15/22 to 02/15/47
U.S. Treasury Inflation-Indexed Note		0.125			07/15/26
U.S. Treasury Interest-Only Stripped Securities		0.000			11/15/17 to 08/15/37
U.S. Treasury Notes		1.125 to 3.500			02/15/18 to 02/15/27
U.S. Treasury Principal-Only Stripped Securities		0.000			08/15/26 to 02/15/46

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s and the Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s and the Portfolio’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Funds’ and Portfolio’s investments and derivatives classified in the fair value hierarchy as of September 30, 2017.

CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Bonds	$	—		$	41,710,012		$	—
Mortgage-Backed Securities		—			24,464,943			—
Collateralized Mortgage Obligations		—			2,365,259			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		24,536,456			2,160,426			—
Asset-Backed Securities		—			13,372,822			—
Foreign Government Securities		—			2,517,162			—
Supranational		—			199,316			—
Municipal Bonds		—			988,295			—
Investment Company		1,357,210			—			—
Total	$	25,893,666		$	87,778,235		$	—
Liabilities
Fixed Income
Mortgage-Backed Securities — Forward Sales Contracts	$	—		$	(2,084,063	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	105,259		$	—
Futures Contracts(a)		80,244			—			—
Interest Rate Swap Contracts(a)		—			119,507			—
Purchased Options Contracts		5,037			—			—
Total	$	85,281		$	224,766		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(142,696	)	$	—
Futures Contracts		(131,323	)		—			—
Inflation-Linked Swap Contracts		—			(3,302	)		—
Interest Rate Swap Contracts		—			(56,131	)		—
Total	$	(131,323	)	$	(202,129	)	$	—
EQUITY INDEX
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	184,563		$	—		$	—
North America		170,824,663			—			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		49,821			—			—
Securities Lending Reinvestment Vehicle		196,550			—			—
Total	$	171,255,597		$	—		$	—
Derivative Type
Assets(a)
Futures Contract	$	15,127		$	—		$	—
GLOBAL TRENDS ALLOCATION
Investment Type	Level 1			Level 2			Level 3
Assets
Exchange Traded Funds	$	136,204,559		$	—		$	—
Investment Companies		211,730,348			—			—
Securities Lending Reinvestment Vehicle		29,050,500			—			—
Total	$	376,985,407		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,974,074		$	—		$	—
Liabilities(a)
Futures Contracts	$	(438,678	)	$	—		$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

GROWTH OPPORTUNITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	163,222,940		$	—		$	—
Investment Company		1,916,114			—			—
Securities Lending Reinvestment Vehicle		3,649,865			—			—
Total	$	168,788,919		$	—		$	—
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	$	1,365,984		$	—		$	—
Mortgage-Backed Securities		—			5,522,927			—
Collateralized Mortgage Obligations		—			27,388,931			—
Commercial Mortgage-Backed Security		—			4,275			—
Asset-Backed Securities		—			33,509,568			—
Municipal Bonds		—			100,273			—
Investment Company		375,593			—			—
Total	$	1,741,577		$	66,525,974		$	—
Derivative Type
Assets(a)
Futures Contracts	$	60,723		$	—		$	—
Interest Rate Swap Contracts		—			481			—
Total	$	60,723		$	481		$	—
Liabilities(a)
Futures Contracts	$	(62,670	)	$	—		$	—
Interest Rate Swap Contracts		—			(57	)		—
Total	$	(62,670	)	$	(57	)	$	—
LARGE CAP VALUE
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	25,487,685		$	—		$	—
North America		506,423,303			—			—
Investment Company		279			—			—
Securities Lending Reinvestment Vehicle		7,012,289			—			—
Total	$	538,923,556		$	—		$	—
MID CAP VALUE
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	4,749,514		$	—		$	—
Europe		4,557,973			—			—
North America		724,917,182			—			—
Investment Company		11,610,794			—			—
Securities Lending Reinvestment Vehicle		24,856,280			—			—
Total	$	770,691,743		$	—		$	—
MULTI-STRATEGY ALTERNATIVES
Investment Type	Level 1			Level 2			Level 3
Assets
Equity Underlying Funds	$	4,317,388		$	—		$	—
Fixed Income Underlying Funds		9,535,886			—			—
Exchange Traded Funds		168,401			—			—
Investment Company		719,022			—			—
Total	$	14,740,697		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	27,230		$	—
Futures Contracts(a)		35,942			—			—
Purchased Options Contracts		215,069			—			—
Total	$	251,011		$	27,230		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(21,321	)	$	—
Futures Contracts		(58,165	)		—			—
Total	$	(58,165	)	$	(21,321	)	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	97,923		$	—		$	—
North America		95,195,404			—			4,683
Investment Company		752,884			—			—
Securities Lending Reinvestment Vehicle		1,074,700			—			—
Total	$	97,120,911		$	—		$	4,683
Derivative Type
Assets(a)
Futures Contracts	$	66,466		$	—		$	—
STRATEGIC GROWTH
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	516,134,447		$	—		$	—
Investment Company		87,436			—			—
Total	$	516,221,883		$	—		$	—
STRATEGIC INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	—		$	57,487		$	—
Fixed Income
Convertible Bond		—			40,656			—
Corporate Bonds		—			1,631,700			—
Mortgage-Backed Security		—			130,131			—
Collateralized Mortgage Obligations		—			2,379,474			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		7,864,880			825,078			—
Asset-Backed Securities		—			7,428,094			—
Foreign Government Securities		—			1,289,219			—
Municipal Bonds		—			278,604			—
Loan Participations		—			229,756			26,803
Investment Company		1,488,977			—			—
Total	$	9,353,857		$	14,290,199		$	26,803
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	205,276		$	—
Futures Contracts(a)		147,654			—			—
Interest Rate Swap Contracts(a)		—			178,657			—
Purchased Options Contracts		1,213			—			—
Total	$	148,867		$	383,933		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(257,118	)	$	—
Futures Contracts		(29,225	)		—			—
Credit Default Swap Contracts		—			(110,564	)		—
Inflation-Linked Swap Contract		—			(4,414	)		—
Interest Rate Swap Contracts		—			(79,233	)		—
Total	$	(29,225	)	$	(451,329	)	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

STRATEGIC INTERNATIONAL EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	—	$	36,479,449	$	—
Australia and Oceania		—		5,079,018		—
Europe		—		116,832,380		—
North America		—		2,110,340		—
Investment Company		17		—		—
Total	$	17	$	160,501,187	$	—
U.S. EQUITY INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	1,115,374	$	—	$	—
North America		400,517,066		—		—
South America		880,362		—		—
Total	$	402,512,802	$	—	$	—
Derivative Type
Assets(a)
Futures Contract	$	10,610	$	—	$	—

(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.

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

Securities Lending — The Growth Opportunities, Large Cap Value, Mid Cap Value, Multi-Strategy Alternatives and Strategic Growth Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Equity Index, Global Trends Allocation, Small Cap Equity Insights, Strategic International Equity and U.S. Equity Insights Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. 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 Equity Index, Global Trends Allocation, Growth Opportunities, Large Cap Value, Mid Cap Value, Multi-Strategy Alternatives, Small Cap Equity Insights, Strategic Growth, Strategic International Equity and U.S. Equity Insights Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.205% on an annualized basis of the average daily net assets of the Government Money Market Fund.

The Funds, GSAL and BNYM received compensation relating to the lending of the Funds’ securities.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Derivatives Risk — The Funds’, the Portfolio’s or an Underlying Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds, the 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. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. 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 — If a Fund invests in foreign securities, the Fund 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 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.

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

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2017 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund, 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, Portfolio’s and Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s, Portfolio’s and Underlying Fund’s expense ratio. Similarly, large Fund, Portfolio and 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.

Market and Credit Risks — In the normal course of business, a Fund, Portfolio and Underlying Fund trade financial instruments and enters 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, including counterparty risk. 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. To the extent that a Fund and the Portfolio uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short positions, including leverage risks, may be heightened, because doing so increases the exposure of a Fund and the Portfolio to the markets and therefore could magnify changes to a Fund’s and the Portfolio’s NAV.

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 27, 2017

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 27, 2017
By (Signature and Title)*	/s/ SCOTT McHUGH, PRINCIPAL FINANCIAL OFFICER
Date: November 27, 2017

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